主題：Are Firms in “Boring” Industries Worth Less? （“無聊”行業的公司是否價值更低）

主講人：陳佳，北京大學光華管理學院助理教授

日期：2015年5月8日（周五）

時間：中午 12:30-13:30

地點：清華Betvictor中文版1号樓501教師休息室

語言：英文

摘要：

Using theories from the behavioral finance literature to predict that investors are attracted to industries with more salient outcomes and that therefore firms in such industries have higher valuations, we find that firms in industries that have high industry-level dispersion of profitability have on average higher marketto-book ratios than firms in low dispersion industries. This positive relation between market-to-book ratios and industry profitability dispersion is economically large and statistically significant and is robust to controlling for variables used to explain firm-level valuation ratios in the literature. Consistent with the mispricing explanation of this finding, we show that firms in less boring industries have a lower implied cost of equity and lower realized returns. We explore alternative explanations for our finding, but find that these alternative explanations cannot explain our results.

主講人簡介：

Jia Chen is an assistant professor of finance at the Guanghua School of Management., Peking University. He teaches Financial Risk Management, International Financial Management, and Financial Markets and Institutions for undergraduate students, Master of Finance students, and MBA students. His primary research interest is empirical asset pricing. His current research also covers financial institutions, financial crises, and international finance. Jia earned a Ph.D. in finance and Master in physics from Ohio State University. He joined Guanghua School of Management at Peking University in 2012. Before joining Guanghua, he taught at the Fisher College of Business of the Ohio State University.