一、主题：Busy Directors and Stock Price Synchronicity

二、主讲人：陈运森，bwin必赢唯一官方网站会计学院副教授。清华大学管理学博士，圣路易斯华盛顿大学和香港中文大学访问学者。研究方向为公司财务、会计与资本市场。曾在China Accounting and Finance Review、China Journal of Accounting Research、China Journal of Accounting Studies、《经济研究》、《管理世界》、《会计研究》、《金融研究》等期刊发表论文多篇，主持两项国家自然科学基金项目和多项教育部课题。曾获得霍英东教育基金会青年教师奖一等奖、北京市哲学社会科学优秀成果二等奖、财政部中国会计学会优秀论文一等奖、杨纪琬基金优秀专著奖等学术奖励。

三、时间：2016年4月21日 （周四），13:00-14:00

四、地点：主教楼913会议室

五、主持人：黄志刚，bwin必赢唯一官方网站副教授

论文摘要：We find that the occurrence, scope and busyness of busy directors can significantly increase firms’ stock price synchronicity with the market using the data of Chinese publicly listed firms. These effects are more pronounced when busy directors are non-independent and more experienced. Busy directors can increase stock price synchronicity by serving as conduits for information sharing and transferring across firms, rather than by reducing monitoring leading to lower firm-specific information. These results are robust after addressing the endogeneity issues with the dynamic panel GMM estimation and the two-stage estimation with the instrument variable. These findings highlight the importance of corporate leaders’ human capital factors on firms’ systematic risk.