【时 间】2026年9月16日（星期三），15:00-17:00
【参会地点】后主楼1722会议室
【 主持人 】孙运传 教授（北京师范大学经济与工商管理学院）
【主办单位】金融系 金融大数据研究中心
【主讲人1】Steve Miller, Associate Professor, The Baldwin Group School of Risk Management and Insurance, Muma College of Business, University of South Florida
Paper 1: A Text‑Based Measure of Corporate Risk Management
Abstract: This paper proposes a novel empirical proxy for firm‑level enterprise risk management (ERM) using machine learning and natural language processing applied to corporate disclosures. The measure captures the extent and quality of risk management practices that are otherwise difficult to quantify in large samples. This paper validates the measure against traditional proxies and shows that it predicts strategic outcomes, such as M&A performance and the cost of risk reduction, offering a new pathway for empirical ERM research.
Paper 2: Does Enterprise Risk Management Deliver Strategic Value? Evidence from Mergers and Acquisitions
Abstract: While prior literature establishes that the ultimate purpose of Enterprise Risk Management (ERM) is to improve the quality of strategic decisions, empirical evidence on whether ERM delivers this strategic value remains limited. We examine this question in the context of mergers and acquisitions (M&As), one of the most consequential and highest-risk strategic decisions that firms make. Using Standard & Poor’s (S&P) ERM quality ratings for U.S. insurers from 2007 to 2017, we find that, at the extensive margin, ERM quality is negatively associated with merger engagement and the number of mergers. Conditional on engaging in a merger, ERM quality is positively associated with the probability of deal completion in most specifications and is significantly associated with superior post-merger stock performance. These findings hold under instrumental variables estimation and entropy balancing. Our results provide evidence that the benefits of ERM extend beyond downside risk reduction to the quality of high-stakes strategic investments.
【主讲人2】Tina Yang (Tianxia Yang), Associate Professor of Finance, Muma College of Business, University of South Florida
Paper: Female Directors and Firm Performance
Abstract: Despite women comprising nearly half of the global workforce and decades of women’s advancement in education, experience, and qualifications for leadership roles, women are scarcely represented in corporate leadership. In 2020, only 5.33% of Chief Executive Officers (CEOs) at U.S. publicly traded companies were women. To increase women’s representation in corporate leadership, at least 14 countries have adopted mandatory board gender quotas for listed companies. Using a comprehensive rank metric for over 100,000 managers, this study examines the causal effect of female board representation on female manger promotions.
【期刊交流】学术报告环节后，Tina Yang教授将对Financial Review期刊进行介绍。Financial Review是金融学领域的高水平国际期刊，发表资产定价、公司金融、风险管理、金融机构与市场等多个方向的原创性研究论文。Tina Yang教授将围绕该期刊的定位与学术影响力、审稿标准、选题偏好、评审周期等方面进行交流分享，欢迎感兴趣的师生积极参加！
Background Information:
Steve Miller is an Associate Professor at the University of South Florida. He holds a Ph.D. in Risk Management and Insurance from the University of Georgia and previously worked as a consultant at Aon and Marsh. His research focuses on enterprise risk management, corporate governance, and strategic decision‑making. He has published in Journal of Risk and Insurance, North American Actuarial Journal, Journal of Banking and Finance, Journal of Corporate Finance, and other leading journals.
Tina Yang is an Associate Professor of Finance at the University of South Florida and a Research Member of the European Corporate Governance Institute (ECGI). She received her Ph.D. from the University of Georgia. Her research spans corporate governance, ESG, innovation, and labor and finance. She has published in Management Science, Review of Financial Studies, Journal of Financial Economics, Journal of Corporate Finance, and other top journals.