財金系擬於 5/2(五) 邀請 Prof. 蔡湘萍，至本所進行專題演講，相關訊息如下：

時間: 5/2(五) 10:30-12:00

地點: 管理學院一號館4F 405室

演講人: Prof. 蔡湘萍

講題: Do Powerful CEOs Weather the Storm Better? Evidence from the Lehman Crisis and the Following Great Recession

Abstract:

This paper examines whether powerful CEOs perform better than less powerful CEOs during an

exogenous crisis period. We find that, compared with firms having less dominant CEOs, firms

with powerful CEOs experienced significantly lower increases in credit default swap spreads

during the Lehman Crisis, lower declines in equity values, less deterioration in credit ratings, and

made marginally more investments and acquisitions during the following Great Recession. We

find that both high abnormal CEO pay and CEOs with centralized decision making authority

jointly contribute to better public debt access but only decision making structure determines firm

performance in the equity market.