主题： Labor unions and payout policy: A regression discontinuity analysis（工会与企业支出政策：断点回归法评估分析）
主讲人：田轩，德州扑克大小-德州扑克攻略
教授，昆吾九鼎讲席教授
日期：2015年9月9日（周三）
时间：中午
12:30-13:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：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.
主讲人简介：
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.
