讲座题目：Differences of Opinion and Corporate Investment Efficiency

报告时间：2023年11月9日10：00-12：00

报告地点：一教4036

报告人：西南财经大学金融学院证券与期货系 许致维 副教授

主持人：西华大学金融投资系王蕊副教授

报告人简介：

许致维，2020年博士毕业于美国新泽西州立大学罗格斯商学院会计系，2021年入职西南财经大学金融学院证券与期货系任副教授。研究方向为实证资产定价、公司金融。任现职以来以通讯或第一作者的身份撰写的论文被国外A级期刊/JCR一区期刊《Energy》《Energy Economics》《Energy Policy》接受或条件接受；以第一作者的身份撰写的论文被SSCI期刊《Economic Modelling》《China：an International Journal》接受；尚有正在外审的外A+论文一篇，外A级论文五篇，大修的外B级论文2篇。主持中央高校引进人才重点项目一项，任现职以前在硕士研究生阶段以独立或第一作者的身份发表国内B级CSSCI论文3篇。 

内容简介：

Using a composite measure, which aggregates information across common differences-of-opinionproxies, we find that differences of opinion are negatively associated with firms’ investment-price sensitivity and operating performance.This effect is driven by non-financially constrained firms, firms whose managers possess less private information, high-growth firms, and firms that rely on external information, consistent with reduced managerial learning from prices. Further, the effect is robust to the use of an instrumental variable design based on stale news. Overall, the evidence suggests that differences of opinion reduce the precision of price and its ability to guide real investment decisions as an information signal.