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论文题目：The Impact of Politicians’ Hometown Favoritism on Resource Allocation

主 讲 人：田   钢  教  授

主 持 人：罗劲博  教  授

会议时间：2021年6月23日15:00

会议地点：腾讯会议(会议ID：363 313 875）

会议密码：23456

直播链接：https://meeting.tencent.com/l/ylgnKw0lix9z

论文摘要：

Using the setting of Chinese initial public offering (IPO) regulation and a difference-in-difference design, we find that IPO firms headquartered in the hometown province of the incumbent chairman of the China Securities Regulatory Commission (CSRC) are 14.87% more likely to receive IPO approval. We also find the chairman’s hometown favoritism is principally motivated by social preferences arising from birthplace identity rather than by political motive or by rent seeking. Further, this favoritism is stronger for IPO applicants who have no IPO approval committee connections, no political connections, no state ownership, and lower earnings quality. Finally, hometown-connected IPO firms tend to experience higher IPO underpricing and lower post-IPO stock returns and accounting performance, which suggests that this hometown favoritism distorts resource allocation in an emerging market.

主讲人简介：

田钢，澳大利亚麦考瑞大学的应用金融系教授，研究方向为公司金融与公司治理，主要研究领域为创新、文化与金融、高管薪酬、银行贷款和非正式融资、投资效率和公司家族企业，以及企业的政治关联等。目前发表论文70多篇，其中在UTD24期刊Management Science发表2篇论文，并在ABS4星期刊Journal of Corporate Finance（9篇）、Journal of Banking and Finance（7篇）等期刊都有高质量的发表记录。目前，成功培养博士学生20多位，现为SSCI1区期刊《Accounting and Finance journal》的联席主编。