主題： Labor unions and payout policy: A regression discontinuity analysis（工會與企業支出政策：斷點回歸法評估分析）

主講人：田軒，Betvictor中文版教授，昆吾九鼎講席教授

日期：2015年9月9日（周三）

時間：中午 12:30-13:30

地點：清華Betvictor中文版4号樓101教室

語言：英文

摘要：

We study the causal effect of labor unions on corporate payout policy by using a regression discontinuity (RD) design. Passing a union election leads to an 8.7% lower dividend ratio and a 17.9% lower total payout ratio (including both dividends and share repurchases) than failing an election in the following year. The negative effect of unions on payout is absent in firms located in states with right-to-work laws but without work stoppage provisions. Operating flexibility appears to be a plausible underlying mechanism through which union power influences corporate payout, and firms use the saved earnings from reductions in payout to invest in net working capital rather than paying off debt or increasing cash holdings. Our paper sheds new light on the determinants of firm payout policy and the role of labor unions in corporate finance decisions.

主講人簡介：

Xuan Tian is the professor of finance at PBC School of Finance, Tsinghua University. He teaches Ph.D. and MBA seminar in advanced corporate finance this fall semester. His current research covers corporate finance, venture capital, and finance innovation. Prof. Tian earned a Ph.D. in finance and Master in economics from Boston College and University of Washington respectively. Before joining PBCSF, he taught at the Kelly School of Business, Indiana University. His papers have appeared in Journal of Finance, Review of Financial Studies, Journal of Financial Economics and other leading finance journals.