题目：Political Uncertainty and Dividend Policy: Evidence from International Political Crises
时间：2013年5月3日（周五）下午15:00-16：30
地点：嘉庚二号楼501教室
报告人：Tao Huang, Lecturer, Jiangxi University of Finance and Economics
论文摘要：
We examine the impact of political uncertainty on firms' payout policy. Using a large international sample across 35 countries over the period from year 1980 to 2009, we find that past dividend payers are more likely to terminate dividends and that non-payers are less likely to initiate dividends during periods of high political uncertainty. These findings suggest a precautionary incentive of managers in response to political shocks.
Furthermore, the impact of political shocks can be attenuated by stable political systems. In addition to identifying this precautionary incentive, we also find that firms with lower market valuation or less liquidity are more likely to initiate dividends during periods of high political uncertainty, which is consistent with the catering motive of managers.
报告人简介：
Dr. Huang got his PhD in Physics from Heriot-Watt University, UK, and MSc in Optics and BS in Optoelectronic Engineering from Shanxi University, China. He worked with IBM and published papers in journals including Emerging Market Finance and Trade, etc.
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