財金系擬於 4/21 (二) 與 4/24 (五) 邀請 Georgia State University 的 Prof. Vikas Agarwal 與元智大學的林智勇教授至本所進行專題演講，兩場演講的相關訊息如下：
 
［第一場］
時間: 4/21 (二) 14:30-16:00
地點: 管理學院一號館2樓 冠德講堂
講者: Prof. Vikas Agarwal
講題: Tail Risk in Hedge Funds: A Unique View from Portfolio Holdings

Abstract:
We develop a new tail risk measure for hedge funds to examine the impact of tail risk on fund performance and to identify the sources of tail risk. It explains both the cross-sectional and time-series variation in fund returns. Based on an analysis of return exposures and portfolio holdings we show that, investments in both, tail-sensitive stocks as well as options, drive tail risk. We identify that managerial incentives and discretion as well as exposure to funding liquidity shocks are important determinants of tail risk. We find evidence that is consistent with funds timing tail risk prior to the recent financial crisis.

［第二場］
時間: 4/24 (五) 10:30-12:00
地點: 管理學院一號館4樓 405教室
講者: 林智勇教授
講題: Political and Professional CEOs in Government Banks: Evidence from the Global Financial Crisis

Abstract:
This study investigates whether the political connection among government banks influences their lending decision and operating performance during the global financial crisis. Using data of 41 countries from 2007 to 2009, we find that government banks with chief executives (CEOs/presidents) who have served as politicians, namely political banks, demonstrated poorer operating performance than those of government banks without political connected CEOs during the crisis period. We attribute the underperformance of political banks to relaxed loan policies that intend to accommodate the interests of political CEOs. Furthermore, we find that both the presence of institutional ownership and the superior institutional factors of a country can eliminate the negative influences of political connection. However, these negative influences on government banks exacerbate during the countrywide election year.