报告人：笪治（美国圣母大学教授）
讲座摘要：We use machine learning to analyze minute-by-minute Bloomberg online status data and study how the effort provision of top executives in public corporations affects firm value. While executives likely spend most of their time doing other activities, Bloomberg usage data allows us to characterize their work habits. We document a positive effect of effort on unexpected earnings, cumulative abnormal returns following firm earnings announcements, and credit default swap spreads. We form long-short, calendar-time, effort portfolios and show that they earn significant average daily returns. Finally, we revisit several agency issues that have received attention in the prior academic literature on executive compensation.
时间：5月26日（星期三），上午9：00-10：30
线上会议：腾讯会议（会议号：405386048，会议密码：4311）
主讲人简介： 笪治教授是美国圣母大学Mendoza商学院教授，GARP认证的金融风险管理人，美国金融协会与西方金融协会会员，主要研究领域为实证资产定价和投资。笪治教授的论文见刊于众多国际知名期刊，包括Journal of Financial Economics、Review of Financial Studies、Journal of Financial and Quantitative Analysis 等。他的研究成果荣获了Midwest Finance Association Outstanding Paper、William F. Sharpe Award for Scholarship in Financial Research、CICF Best Paper Award 等多个奖项。
主办：中国互联网经济研究院。
此次讲座获得北京高等学校卓越青年科学家计划资助（BJJWZYJH01201910034034），特此致谢。
附件为讲座论文。
