学术讲座题目：The Value of Academic Independent Directors:

　　Evidence from China

　　时间：2019年10月25日下午14:00

　　地点：后主楼1610

　　主持人：胡海峰 教授

　　主讲人：隗玮

　　主讲人简介：

　　隗玮是清华大学五道口金融学院5年级在读直博生，金融学专业。她拥有北京师范大学应用经济学学士学位和统计学双学位。她的研究兴趣主要在：实证公司金融，主要聚焦于公司治理、公司创新和创业金融等方面。

　　讲座内容简介：

　　This paper investigates the value of academic independent directors’ (ADs’) services in corporate boards by exploring an unexpected policy shock that forces ADs to resign in firms listed in Chinese Stock markets. Our empirical study shows that around the announcement of this policy, the stock prices of firms on whose board ADs sit drop by 2.2%, which can be translated to a 135M RMB loss in firm value. These results suggest a causal relation between AD presence and firm value. ADs with academic backgrounds related to the firms’ industry orientation, with connections to an industry association, and holding top positions in a prestigious university are more valuable to firms. For ADs with business backgrounds, their services are more valuable when sitting on some specific board subcommittees. Moreover, ADs also display better board meeting attendance records. Consistent with the market reactions, the effectiveness of independent director monitoring and advising, and firm fundamentals deteriorate significantly after ADs actually resign.