讲座嘉宾： 郑伟男

时间：2024年11月20日，周三，10:00-11:30

地点：学术会堂 603

讲座题目：成本不确定性、供应链和内幕交易

摘要：We analyze the interplay between upstream and downstream production cost uncertainty (PCU) and managerial stock trading behavior. Our theoretical model depicts that given the level of cost uncertainty, managers have incentives to manipulate production to maximize personal trading gains and the manipulative activities are transmitted through the supply chain. Our empirical findings confirm that higher PCU in supply chains increases both focal firms’ insider trading profitability and firm value.  We employ instrumental variables (IV) analysis, leveraging industry-level merger and acquisition (M&A) intensity as an exogenous shock to customer and supplier uncertainties. Our research contributes to understanding how managers leverage supply chain advantages to expand their personal gain and how such behavior impacts the actions of the company.

主讲人：郑伟男，博士毕业于香港大学，现任首都经济贸易大学国际经济管理学院助理教授。郑伟男的研究领域包括：理论资产定价、实证资产定价、金融市场和金融中介。郑伟男曾在Journal of Banking and Finance, Journal of Empirical Finance, Journal of Financial Markets等期刊发表论文。

主办方：中国金融发展研究院

讲座地址：中央财经大学（学院南路校区）北京市海淀区学院南路39号