复旦会计论坛系列讲座

　　时间：2017年12月19日（周二）下午13：30

　　地点：史带楼602室

　　主持人: 倪晨凯 副教授

　　Speaker：Charles C.Y. Wang (Harvard Business School)

　　BIO：Charles C.Y. Wang is an associate professor of business administration at Harvard Business School. Professor Wang studies corporate governance and equity valuation. In the area of equity valuation, Professor Wang explores how firm fundamentals and valuation models can be used to understand expected return variation, with a focus on valuation-implied cost of capital and its use as a proxy for expected returns. In his study of corporate governance, he empirically analyzes the impact of governance arrangements on shareholder value. His research has been published in leading journals such as the Journal of Financial Economics and the Journal of Accounting and Economics. Media outlets including The Economist, Wall Street Journal, the Financial Times, The New York Times Dealbook, U.S. News, and Smart Money have cited his research findings.

　　Title：Governance through Shame and Aspiration: Index Creation and Corporate Behavior

　　Abstract：We study whether stock indexes can be a mechanism for transforming long-standing corporate behavior. After decades of low corporate pro_tability in Japan, the JPX-Nikkei400 index was introduced in 2014. Each year the index selected 400 large and liquid _rms deemed best-performing in terms of pro_tability; membership is considered highly prestigious. We document that index-inclusion incentives have led _rms to increase return on equity proportionally by 41% on average, via higher margins, e_ciency, or shareholder payouts, depending on where they had slack. These incentives are driven by the prestige associated with the index, rather than direct-pecuniary or capital-market bene_ts. Back-of-the-envelope estimates suggest that the index-inclusion incentives accounted for 16% of the average increase in aggregate annual earnings and 20% of the growth in aggregate market capitalization over our sample period. Stock indexes can a_ect behavior by functioning as a source of prestige.

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