来源：深圳高等金融研究院
企业短期激励的社会成本
The Social Cost of Corporate Short-Term Incentives
讲座信息
Seminar Information
主讲人
Speaker
陈涛教授
南洋理工大学
Professor Tao Chen
Nanyang Technological University
日期和时间
Date and Time
2026年6月16日（周二）
11:30 - 13:00
June 16, 2026 (Tuesday)
11:30 am - 13:00 pm
地点
Venue
综合教学楼A501会议室
Room 501, Teaching Complex A Building
讲座概述
Abstract
We examine how short-term corporate financial incentives compromise product quality, leading to socially costly product failures. Employing a regression discontinuity design around analyst earnings-per-share forecasts, we find that firms conducting share repurchases to narrowly meet earnings targets experience significantly more subsequent product recalls, especially those involving consumer safety issues. These firms are also involved in more product-related negative incidents. This relationship is most pronounced among financially constrained firms. We highlight the real economic consequences of earnings management and provide new evidence on how capital market pressures can create negative externalities for consumers.
主讲人简介
About the Speaker
陈涛教授
南洋理工大学
陈涛博士是新加坡南洋理工大学南洋商学院的教务长金融学讲席教授和副教授。他担任金融学硕士项目的学术主任和金融学博士项目的协调员。他的研究重点是金融市场参与者在塑造公司政策中的作用，尤其关注环境、社会和治理（ESG）问题。他的研究还探讨了金融科技和人工智能如何影响普惠金融和决策。他已在UTD24期刊上发表了6篇论文，在FT50期刊上发表了10篇论文。他担任《金融管理》（Financial Management）、《商业研究杂志》（Journal of Business Research）和《英国会计评论》（The British Accounting Review）的副主编，以及亚洲金融协会副会长。他曾荣获多项研究和行业奖项。据谷歌学术统计，他的论文引用量超过5000次，斯坦福/爱思唯尔将他评为全球顶尖2%的科学家之一。
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Dr. Tao Chen is a Provost’s Chair Professor in Finance and an Associate Professor at Nanyang Business School, Nanyang Technological University, Singapore. He serves as the academic director of the MSc (Finance) program and the coordinator of the PhD in Finance program. His research focuses on the role of financial market participants in shaping corporate policies, with particular emphasis on environmental, social, and governance issues. His work also explores how FinTech and AI affect financial inclusion and decision-making. He has published 6 papers in UTD24 and 10 papers in FT50 journals. He serves as an Associate Editor for Financial Management, the Journal of Business Research, and The British Accounting Review, and as Vice President of the Asian Finance Association. He has received numerous research and industry awards. His publications have received over 5,000 citations according to Google Scholar, and Stanford/Elsevier named him among the world’s top 2% of scientists.
全球生产网络和资产价格
Global Production Networks and Asset Prices
讲座信息
Seminar Information
主讲人
Speaker
江浩教授
密歇根州立大学
Professor Hao Jiang
Michigan State University
日期和时间
Date and Time
2026年6月18日（周四）
11:30 - 13:00
June 18, 2026 (Thursday)
11:30 am - 13:00 pm
地点
Venue
综合教学楼A501会议室
Room 501, Teaching Complex A Building
讲座概述
Abstract
We identify choke points in global production networks as industries bridging flows across global value chains. These industries exhibit low substitutability: US firms exposed to Chinese choke points during the 2022 Covid-19 lockdowns experienced large and persistent sales declines. The Red Sea crisis demonstrates how negative shocks to water transport, a single choke point, propagate throughout the global network. This structural fragility is priced in global stock markets: firms in choke point industries earn annualized benchmark-adjusted returns exceeding 6%. The premium compensates for aggregate consumption risk, as downturns in choke point industries predict lower future US and global consumption growth.
主讲人简介
About the Speaker
江浩教授
密歇根州立大学
江浩是密歇根州立大学菲利普·J·梅讲席金融学教授，也是风险投资、私募股权和创业金融中心联合主任。他的研究方向为金融机构、投资和资产定价。他曾在《金融杂志》（Journal of Finance）、《金融经济学杂志》（Journal of Financial Economics）、《金融研究评论》（Review of Financial Studies）、《货币经济学杂志》（Journal of Monetary Economics）和《管理科学》（Management Science）等顶尖金融、经济和管理期刊上发表论文。他的论文《共同基金偏离基准时的信息含量》（Information Content when Mutual Funds Deviate from Benchmarks）荣获标准普尔道琼斯SPIVA奖一等奖。他的研究成果曾被彭博社、《金融时报》、《福布斯》、《财富》、《华尔街日报》和《华盛顿邮报》等媒体报道。
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Hao Jiang is Philip J. May Endowed Professor of Finance at Michigan State University. He co-directs the Center for Venture Capital, Private Equity and Entrepreneurial Finance. His research focuses on Financial Institutions, Investments, and Asset Pricing. He has published in leading finance, economics, and management journals such as the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Monetary Economics, and Management Science. His paper “Information Content when Mutual Funds Deviate from Benchmarks” won the Standard & Poors Dow Jones SPIVA Award First Prize. His research has been featured in Bloomberg, the Financial Times, Forbes, Fortune, The Wall Street Journal, and The Washington Post, etc.
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