Topic: The Value of Shareholder Activism: New Evidence from the Split-share Structure Reform in China
Presenter：Hao Wang，School of Economics and Management, Tsinghua University
Time: March 27, 2009（Friday）3:00—4:30PM
Venue: Room 501, Jiageng Bld 2
Abstract：
We examine shareholder activism in the recent split-share structure reform in China.
This unique event allows us to avoid the de_ciencies in determining activism proxies and
in measuring their e_ectiveness that plague the previous literature. We _nd that the
e_ectiveness of shareholder activism is inuenced by segmented institutional ownerships.
Particularly, shareholder activism could have both positive and negative impacts on
managerial behaviors in the presence of institutional investors' interest conicts. We
show that, even in its primitive stage, Chinese shareholder activism has demonstrated
positive value in corporate governance.
Presenter Introduction：
WANG Hao is Assistant Professor from Department of Finance in Tsinghua University. His research areas include Credit Risk and Derivatives, Fixed Income, Corporate Finance and Risk Management. He got BE from Shenyang University of Technology, MBA from Eastern Illinois University and Ph.D in Finance from McGill University.
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