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11月19日,边雪莹(新加坡管理大学 经济学博士候选人)
发布时间:2020-11-16   发布人:zs   点击数:266

报告人:边雪莹,新加坡管理大学(经济学博士候选人)

时间:2020年11月19日(周四)下午13:30-15:00

地点:线上腾讯会议(会议号:988 854 992,无密码)

主持人:韩玉桃

报告题目:Return Cross-Predictability in Firms with Similar Employee Satisfaction

摘要:We study the return predictability of similar employee satisfaction (SES) firms using new firm-ranking data of employee satisfaction from Glassdoor. We find that the returns of firm peers with SES predict focal firm returns. A long-short portfolio sorted on the lagged returns of SES firm peers yields the Fama-French six-factor alpha of 135 bps per month. This result is distinct from industry and all existing inter-firm momentum effects and not explained by risk-based arguments. We show that a novel mechanism – common decision-making on employee welfare policies across firms with SES – is the primary reason of return predictability in these firms.

报告人简介:边雪莹,新加坡管理大学经济学在读博士 (预期2021毕业)。本科就读于南开大学,国际经济与贸易专业。硕士就读于西班牙货币与金融研究中心 (CEMFI)并获得全额奖学金。主要研究方向:资产定价,公司金融,能源经济。文章发表:“Incentives for Information Provision: Energy Efficiency in the Spanish Rental Market”, joint with Natalia Fabra, Energy Economics (2020): 104813.

 

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