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一、报告题目：
Unpacking the Contingencies: On Director Acquisition Experience and Compensation
二、报告人：
赵阳，英国纽卡斯尔大学 金融系讲师
三、报告时间：
2018年07月11日 （周三） 上午9:00-11:00
四、报告地点：
知新楼B321
五、报告人简介：
Dr. Yang Zhao studies the impact of corporate networks on various issues in corporate finance and corporate governance, which includes executive compensation, mergers and acquisitions, executive turnover and insider trading. His research finding suggest that director networks can create informational advantages, which improve companies' operational efficiency when information asymmetry is present. Moreover, directors can gain managerial power via director networks, which would give rise to corporate governance problems, such as entrenchment and excessive compensation.Dr. Yang Zhao is also working in the following areas of research:Corporate innovation,Corporate violations,Cross-country study (Culture and regulation),Director traits,experience, education and appearance,Family firms,Fintech,Academic networks。
六、 报告摘要：
Using insights from human capital and agency theories, we investigate the contingencies that explain the variation in the compensation premium due to director acquisition experience in the UK. We construct a simple model and show that director acquisition experience has a compensation premium. More importantly, our model reveals that the compensation premium depends on the extent to which this experience (1) is scarce in the firm, (2) can be effectively utilized with limited conflict of interest, and (3) is related to successful track records of acquisition. Our findings are robust to controlling for various director and firm-level characteristics, and are confirmed in multiple robustness analyses.
七、主办单位：
william威廉亚洲官方
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