时 间：2017年11月23日（周四）下午15：00-17：00
地 点：浙江大学紫金港校区行政楼702会议室
主讲人：李勇副教授，澳大利亚昆士兰大学商学院
主持人：黄英教授，浙江大学管理学院
摘 要：
we identify the relation between foreign institutional ownership and stock liquidity commonality in 39 countries from 2000 to 2014. Our results show a negative and robust linkage between foreign institutional ownership and global stock liquidity commonality. Corporate transparency is a key mechanism through which foreign institutional investors can reduce stock liquidity commonality. Independent and U.S.-based foreign institutional investors have a greater effect on reducing stock liquidity commonality. Additionally, there is a U-shaped relation between foreign institutional ownership and stock liquidity commonality. Next, we provide evidence that foreign institutional investors mitigate the effects of local culture, exaggerate the impacts of economic policy uncertainty, and substitute the role of a country’s corporate governance level. Finally, it is evident that stock liquidity commonality mediates the relation between foreign institutional ownership and firm valuation. Foreign institutional investors can enhance firm valuation through stock liquidity commonality and stock illiquidity.
主讲人简介：
Dr Yong Li is a research fellow at UQ Business School. Yong’s research focuses on Funds Management with particular reference to state-sponsored funds. Yong’s work is published in internationally refereed journals including Quantitative Finance, Insurance: Mathematics and Economics, and Mathematical Social Sciences. His teaching focus is in International Financial Management and Derivatives and Risk Management.
