现代会计学术沙龙（八十八期）

题目：Living through the Great Chinese Famine: Early-Life Experiences and Managerial Decisions

时间：2016年12月15日 14:00

地点：通博楼D204

报告人：冯旭南

简介：冯旭南，西南财经大学金融学院副教授，2009年获得北京大学金融学博士学位，在“Journal of Banking and Finance”、“Journal of Comparative Economics”、“Economic Development and Cultural Change” 、“Cambridge Journal of Economics” 、“Journal of Business Ethics”等国际SSCI期刊发表论文10篇； 在国内期刊《管理世界》、《经济学（季刊）》、《金融研究》等杂志发表论文数十篇。

Abstract：Previous studies have linked personal characteristics of business leaders to corporate decisions and outcomes. We analyze if the traumatic experience of the Chinese Famine has an impact on managerial decisions. We find that having lived through the Great Chinese Famine during one’s younger years is associated with more conservative financial, investment, and cash holding policies, a lower likelihood of unethical behavior, and better firm performance during economic downturns. By exploiting the exogenous variation in local severity of the famine, we can establish a causal relationship between significant early-life experience and corporate policies. Our findings thus provide evidence that early-life experiences can have significant causal effects on managerial decisions.

JEL Classification: D03; D83; D84; G11; G31; G32; J24

Keywords: Managers; Corporate decisions; Fraud; Corporate governance; China