讲座题目：Key Talent Outflow and Stock Price Crash: Evidence from the Rejection of the Inevitable Disclosure Doctrine    

主讲人：刘昕

讲座时间：2020年11月26日下午14:00-16:00

讲座地点：主教615

主讲人介绍：

刘昕，中国人民大学汉青经济与金融高级研究院助理教授。刘昕在清华大学取得学士学位，在香港大学取得博士学位。自2018年至2020年，任教于英国巴斯大学管理学院。自2020年至今任教于中国人民大学汉青研究院，为硕士及博士生讲授金融计量学，实证资产定价等课程。他的研究兴趣包括实证资产定价和行为金融学。学术成果已经发表或接受发表在Review of Finance, Journal of Empirical Finance,以及Journal of Financial Markets。受邀为Journal of Banking and Finance, Journal of Empirical Finance, The Financial Review, The British Accounting Review等期刊审稿。

讲座摘要：

Abstract:We document that an increase in the likelihood of key talent outflow leads to a higher stock price crash risk. Our test exploits US state courts’ staggered rejections of the inevitable disclosure doctrine (IDD), which improves the ability for key talents to switch jobs. We find that firms experience a significant increase in stock price crash risk after their headquartered states reject the IDD, relative to unaffected firms. This effect is stronger for firms facing fierce industry competition and relying heavily on human capital. Overall, our results suggest that the risk of losing key talents is an important determinant for stock price crash risk.