【2013年11月13日】经济学院经济学系2013年秋季现代经济学前沿问题系列讲座——Marc Oliver Rieger与Mei Wang教授

发布者: admin     发布时间: 11/6/2013    共浏览 1085 次

题       目: Cultural differences of risk preferences and their effects on corporate dividend policy

内容简介:We first present results from an international survey on risk preferences, conducted in 53 countries. In particular, we show that risk preferences are influenced not only by economic, but also by cultural factors. The data obtained in this study turns out to be useful for empirical research in behavioral finance, as will be demonstrated in the second part of our talk.
We study dividend payout policies by companies. A classical model by Shefrin and Statman (1984) and Shefrin and Thaler (1988) explains the amount of dividends paid by investor preferences incorporating mental accounting. We formalize this model in a mathematical sense and derive predictions regarding the sensitivity of the amount of dividends and behavioral preference variables. An empirical analysis using the data from our survey and firm level data for more than 45'000 firm years confirms the predictions of this model. 

报   告  人:Marc Oliver Rieger、Mei Wang

时       间:2013年11月13日(周三)下午4:30-6:00

地       点:经济楼N座301室

主 办 单 位:厦门大学经济学院、厦门大学王亚南经济研究院

承 办 单 位:厦门大学经济学院经济学系

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