講座題目：Differences of Opinion and Corporate Investment Efficiency

報告時間：2023年11月9日10：00-12：00

報告地點：一教4036

報告人：西南財經大學金融學院證券與期貨系 許致維 副教授

主持人：西華大學金融投資系王蕊副教授

報告人簡介：

許致維，2020年博士畢業于美國新澤西州立大學羅格斯商學院會計系，2021年入職西南財經大學金融學院證券與期貨系任副教授。研究方向為實證資產定價、公司金融。任現職以來以通訊或第一作者的身份撰寫的論文被國外A級期刊/JCR一區期刊《Energy》《Energy Economics》《Energy Policy》接受或條件接受；以第一作者的身份撰寫的論文被SSCI期刊《Economic Modelling》《China：an International Journal》接受；尚有正在外審的外A+論文一篇，外A級論文五篇，大修的外B級論文2篇。主持中央高校引進人才重點項目一項，任現職以前在碩士研究生階段以獨立或第一作者的身份發表國內B級CSSCI論文3篇。

內容簡介：

Using a composite measure, which aggregates information across common differences-of-opinionproxies, we find that differences of opinion are negatively associated with firms’ investment-price sensitivity and operating performance.This effect is driven by non-financially constrained firms, firms whose managers possess less private information, high-growth firms, and firms that rely on external information, consistent with reduced managerial learning from prices. Further, the effect is robust to the use of an instrumental variable design based on stale news. Overall, the evidence suggests that differences of opinion reduce the precision of price and its ability to guide real investment decisions as an information signal.