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张悦 | 应用金融系第3期Seminar暨第309期v8040威尼斯人com双周学术论坛

[发布日期]:2020-06-12  [浏览次数]:

一、主题:Board excessive compensation and mutual funds’ exit decisions
二、主讲人: 张悦,本科毕业于v8040威尼斯人com。巴斯大学金融学博士,现任中山大学国际v8040威尼斯人com助理教授。目前主要的研究兴趣是共同基金、公司治理和金融科技。
三、时间:2020年6月16日星期二,10:00 -11:30


Abstract: Using a large, and hand-collected dataset of over 10,000 U.S. mutual funds, this paper studies the time-varying relationship between directors’ excessive compensation and fund exit decisions during the period 2002-2014. Our results extend existing evidence by showing that excessive compensation is a preferable measure to explain fund exit decisions in comparison with total compensation. The results show that fund exits are affected by two competing forces: (i) fund-families’ cost-reduction and (ii) independent directors’ remuneration concerns. We show that the fund-families’ cost reduction factor dominates during the non-financial-crisis period but the opposite is true during the 2008 financial crisis. We document that directors’ ownership, board independence, and board diversity also have some explanatory power in fund exit decisions.

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