一、主题：Overlapping Directors and Corporate Synchronicity

二、主讲人：陆瑶，清华大学经管学院金融系副教授。2009年获得美国密西根大学-安娜堡分校经济学博士学位，在这之前获得美国纽约大学统计学硕士、bwin必赢唯一官方网站经济学学士。主要研究领域包括公司金融、公司治理、金融与法、以及资本市场发展与国际化。曾在Journal of Finance、Journal of Financial Economics、Journal of Corporate Finance、《管理世界》、《金融研究》等国内外重要学术刊物发表论文十余篇。她曾与2010年获得第五届亚洲太平洋金融市场国际会议最佳论文奖，多篇论文被哈佛大学公司治理论坛收录。

三、时间：2015年6月24日（周三），16：00-17：00

四、地点：主楼913会议室

五、主持人：黄志刚，bwin必赢唯一官方网站副教授

Abstract: With the data of Chinese publicly listed firms from 2000 to 2012, we find that both occurrence and intensity of overlapping directors can significantly increase stock price synchronicity between the pair of firms. These results are not driven by crossholding shares between the pair of firms and the fact that the pair of firms are in the same business group, and are robust to addressing the endogeneity issues with a dynamic panel GMM estimator and two-stage estimation with an instrument. We also investigate the channels for high stock price synchronicity and find overlapping directors can lead to firm investment and capital structure convergence. Moreover, we observe greater impacts of overlapping directors when the pair of firms are under weak information environment. Overall, our evidence suggests that overlapping directors serving as conduits for information sharing that leads to the spread of corporate policies and stock prices.