题目: A Critical Long View of Capital Markets and Institutions: Realized Returns from Corporate Assets, 1950-2003
演讲者：美国佛罗里达州立大学财务学教授JAMES S. ANG 博士
时间: 2007年6月4日（星期一）3：00—4：30 PM
地点: 校图书馆5楼会议厅
参加者: 对财务研究有兴趣的广大师生
主持人： 吴世农副校长
论文摘要：
It is often taken for granted that: 1) capital markets and institutions allocate funds to firms where realized returns on real assets are highest; 2) the net gains to the economy from investments by corporations have improved in the last 30-50 years due to innovations and better risk management techniques in the financial markets; and 3) the agency cost-reducing role of markets and institutions ensures that real assets funded with external funds would earn higher returns. However, corporate real assets are long lived, and realized returns have to be tracked over a long period to verify these assertions. We perform large-scale calculations of the realized returns on real assets to all firms available in the Compustat database for periods of 10, 20, 30, 40, and 50 years. Our methodology relies only on cash flow between the firms and all their fund providers. In particular, we focus on capital markets, institutions and non interest bearing liability holders. It circumvents the potential problem in using market expectations of future cash flows if markets are inefficient over long periods as suggested by Shiller (1981). We found several new and surprising results. Returns on real assets by corporations derived from actual cash flow over long periods are, on the whole, lower than expected by the fund providers. They suffer a long-term decline, and have been below the yields of 10 year Treasury bonds since 1973. Real assets that received more external financing (from capital markets and institutions) actually report even lower realized long-term returns. These unexpected results may stimulate fresh debate on the roles and long-term performance of capital markets and institutions.
论文作者简介：
James Ang 教授于菲律宾大学获得化学工程专业学士学位，于美国Purdue University获得工业管理硕士学位和博士学位，主要研究财务和计量方法，现为美国佛罗里达州立大学财务学教授。他还是全球最大的财物学术组织FMA(Financial Management Association) 的董事会成员，并曾为该组织的主席和主编。
James Ang 教授共发表了150多篇论文。在2005年财务文献杂志（Journal of Financial Literature）冬季版所公布的一项调查结果中，该教授在72本财务期刊发表的论文数居第3位，在16本核心期刊发表的论文数排第28位，在7本顶级财务期刊发表的论文数居第39位。他的研究领域也十分广泛，论文涉及公司财务，投资学，公司治理，税法，个人财务和投资，国际金融和小企业财务等。
此外，James Ang 教授还是美国银行杰出学者，曾为Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Research, European Financial Management等多份学术期刊做过编辑和评审，而且是Western Finance Association，Eastern Finance Association，Southern Finance Association，European Financial Management Association等多个学术组织的成员。
论文下载: Realized returns