题目：The Family Firm Puzzle: Why do USFamily Owners Choose Concentrated Portfolios
报告人：李楠 上海交通大学安泰经济与管理学院
时间：2016年5月17日下午1: 30 -3: 00
地点：博萃楼阳光房
论文：学院内网
【论文摘要】Conventionalwisdom suggests that family shareholders should exit their large, concentratedequity stakes in publicly-traded firms and seek benefits arising fromdiversification. To provide insights into families’ puzzling investmentdecision of remaining in the firm, we consider an investment model withambiguity aversion. We find that uncertainty about risk plays an important rolein holding poorly diversified portfolios. Our model also sheds light on factorsdriving family exit-decisions. Our empirical analysis lends support to themodel’s predictions and indicates that family ownership bears a strong relationto corporate ambiguity proxies. Understanding the incentives of family ownersprovides an essential element for research on the impact of family control on corporatedecisions.
【报告人简介】 Dr. Nan Li is an Associate Professor of Finance at Shanghai Jiao Tong University. She holds a doctorate in Economics from the University of Chicago. Her research interest includes FinancialEconomics, Macroeconomics and Econometrics.
【发表论文】
Consumption Strikes Back? Measuring Long-Run Risk,with Lars Peter Hansen and John C. Heaton, Journal of Political Economy,2008, vol. 116, no. 2, 260-302.
