演讲题目：CEO Savings Culture and Corporate Cash Policy
演讲者: 林晨 香港大学教授
演讲时间：2016年11月8日（周二）上午10:00一11：30
演讲地点: 嘉庚二501
主持人： 叶建明 教授
参加者：对会计、财务研究有兴趣的师生
论文摘要：
Using the national savings rate in the CEO’s country of ancestry as a proxy for savings culture, we document a significant positive impact of CEO savings culture on corporate cash holdings in the U.S. The empirical results are highly robust to the inclusion of firm, industry×year and state×year fixed effects, and to an instrumental variables analysis using future time reference in languages as instruments. We also find that the impact of CEO savings culture on corporate cash holdings is stronger when the CEOs are more powerful and entrenched. Using the relaxation of interstate branching restrictions under the Interstate Banking and Branching Efficiency Act (IBBEA) as a natural experiment, we find that only CEOs with a low savings culture respond to the improvement in access to external finance by reducing corporate cash holdings. Finally, we examine corporate payouts and find that CEOs with a high savings culture would rather retain cash than distribute it to shareholders.