题  目：    The Performance Effect of Managerial Ownership: Evidence from Chinese Listed SMEs
演讲人： Professor William D. Bradford   University of Washington
时  间：    2013年12月18日（周三） 下午3:30-5:00
地  点：    云通楼221

内容简介：
We establish a theoretical model to analyze the performance effect of different managerial ownership levels on the firm. We separate the manager’s effect on the firm into two components: the agency costs of Jensen and Meckling (1976) (“JM”), which include shirking, perks, etc. and skill differential cash flows, the difference between the owner and the firm’s alternate manager in achieving firm performance gross of JM’s costs.  Previous studies have confounded these effects in trying to measure JM’s agency costs. We utilize Propensity Score Matching to measure the performance effect of managerial ownership on 2,159 Chinese listed SMEs. Our findings show (i) the agency costs reduction effect of managerial ownership is significant in Chinese listed SMEs; (ii) managers without equity incentives have higher managerial differential skills than managers with equity incentives. Since our empirical approach avoids the problem of endogeneity produced by self-selection bias, this study provides more accurate evidence of the performance effect of managerial ownership.

演讲人简介：
Professor Bradford has served as Endowed Professor of Business and Economic Development, and Professor of Finance and Business Economics at the University of Washington’s Foster School of Business since 1999. From 1994 to 1999 he was Dean of the UW Business School and holder of the Kirby Cramer Chair at the University of Washington. He has also served as Faculty Director of the Business School’s Business and Economic Development Center since 2005. His areas of research include Venture Capital, Entrepreneurial Finance, Corporate Finance and Banking. He has authored or co-authored three books and more than 50 articles on finance during his career.

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