岭南学术论坛－金融学系列Seminar－The Dynamics and Consequences of Industry Star Firms

第539期岭南学术论坛（金融学系列Seminar）

报告题目：The Dynamics and Consequences of Industry Star Firms

报  告  人：Xunhua Su （挪威经济学院 副教授）

主  持  人：戴芸（中山大学岭南学院 助理教授）

时       间： 2019年6月21日（周五）下午14:30-16:00

地       点：MBA楼901

语      言： 英文+中文

Abstract:

This paper investigates the dynamics and consequences of competition and business dynamism based on the variation in the marginal abnormal growth rates of industry firms, which we label the Industry Star Index. The index exhibits considerably higher variation across industries and through time compared to traditional measures of product market competition such as the Herfindahl-Hirschman and Lerner indexes. The estimates suggest that competition has not decreased over time, and that industry firms respond aggressively to competitive pressures by cutting expenditures and employment, increasing cash holdings and RD investments, and improving operating efficiency. Despite these efforts, their profitability and market share decline, with higher distress and exit rates, and more credit downgrades.

报告人介绍：

        挪威经济学院副教授，多年来一直从事企业融资领域的研究，近年来在《Journal of Financial and Quantitative Analysis》、《Journal of Money, Credit and Banking》、《Financial Management》和《Quarterly Review of Economics and Finance》等顶级经济学期刊发表论文多篇。

        欢迎感兴趣的年轻老师和博士生参加！

        中山大学岭南学术论坛分经济、金融和管理三个系列，是定期邀请国内外优秀学者前来开展学术交流的平台。每系列每个月定期举办2-3次。目前已经成功举办多期，并得到了各界的高度评价。