讲座人： 石贝贝

讲座主题：Stock Liquidity and Dividend Payouts

摘要：This study investigates the informational effect of stock liquidity on dividend payouts. Using a sample of Chinese listed firms during 2000 to 2014, we find a positive relation between stock liquidity and dividend payouts. The result is robust to a series of robustness checks including the use of alternative measures of liquidity, alternative sample, fixed effects model, two-stage IV method and a quasi-natural experiment. Consistent with our hypothesis that stock liquidity provides information and increases insiders’ incentive to pay out dividends, we find that the positive relation between stock liquidity and dividend payouts is more pronounced when the information environment is opaque, and when conflict between controlling shareholders and minority investors is severe. Finally, we rule out several alternative explanations concerning the governance of non-controlling blockholders and the alleviation of manager-shareholder agency conflict.

讲座时间：2016年10月26日，周三，13:30开始

讲座地点：学院南路主教10楼1011

讲座人简介：石贝贝，中国人民大学博士研究生。研究方向为公司治理、公司财务等，曾在《经济研究》《管理世界》《会计研究》等期刊发表多篇学术论文。

[编辑]：张萌