讲座预告 | 周亦凡：Ownership Concentration and Crisis Recovery

This paper examines the effects of a firm having blockholders during the 2008-09 financial crisis (GFC) on its post-crisis recovery. We find that firms with higher blockholder ownership outperform those with lower blockholder ownership in abnormal returns, ROA, sales growth, Tobin’s Q, and asset turnover in the decade following the GFC. We further discover that during the GFC, blockholder ownership was associated with i) more votes against manager-initiated proposals, ii) a higher probability of appointing a new CEO and/or director, and iii) issuance of less net debt. These firm decisions are in turn associated with superior post-crisis performance.

周亦凡YIFAN ZHOU，现任复旦大学泛海国际mg4355vip检测中心金融学助理教授。研究方向为政治经济学和公司金融。研究成果发表在Journal of Financial Economics，Journal of Financial and Quantitative Analysis，Journal of Coperate Finance等国际一流学术期刊，并被《新苏黎世日报》、联合国负责任投资原则等国际主流媒体报道。周亦凡教授曾获得2021年泛海国际mg4355vip检测中心优秀研究奖。

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数字技术与现代金融学科创新引智基地

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湖北金融研究中心

中南财经政法大学中国投资研究中心

中南财经政法大学金融科技研究院

中南财经政法大学数字技术与现代金融创新研究院