Speaker: 刘悦（清华大学五道口金融学院 副教授）

Time/Date: 2023年4月3日（周一）12:00-13:00

Classroom: 同济大厦A楼505室

ABSTRACT：

Using staggered release of real-time satellite data of retail firms’ parking lot traffic as a quasi-natural experiment, we find that retailers significantly increase dividend payouts after their satellite data is released to investors. The dividend increase is more pronounced for firms with low growth opportunities or poor corporate governance. Retailers fund the dividend increase by reducing asset growth and cutting executive compensation while keeping R&D investment and external financing intact. These results support the outcome model of dividend and demonstrate that alternative data can serve as an effective governance mechanism by reducing the information gap between managers and outside investors.

GUEST BIO：

刘悦教授现任清华大学五道口金融学院副教授、博士生导师、金融科技研究院金融大数据研究中心副主任。刘悦教授的主要研究方向为资产定价、中国资本市场、金融科技。刘悦教授在众多国际学术一流期刊如Management Science, Review of Finance等发表多篇论文。刘悦的学术论文多次获得国际国内学术会议的奖励，包括两度获得表彰对亚洲资本市场做出突出贡献的“最佳亚洲金融市场研究奖”。刘悦教授受邀成为多个国际一流学术期刊的审稿人，包括Review of Financial Studies, Management Science, Journal of Financial and Quantitative Analysis。刘悦教授2013年获得香港科技大学金融学博士学位。