團隊

We document that firms prefer counties with higher ethnic diversity in locating their interstate investments, especially for those pursuing innovation, seeking to establish service centers, or capable of managing a diverse workforce. We also find some evidence that interstate investment in high ethnic diversity locations results in increased patent applications, sales growth, positive media coverage, and overall operating performance. Taken together, we show that firms prefer to invest in ethnically diverse locations as they recognize the potential benefits of leveraging a diverse labor supply such as enhancing problem-solving, innovation, and performance.

上周在本欄分析自保公司在風險管理、成本控制方面具有優勢，但並非所有企業都適合設立自保公司。究竟須具備什麼條件，才能實現預期的風險分散目標，而避免對企業構成新風險源？

Facing complex risks and high premiums, many firms now favour 'captive insurance'—their own insurance subsidiaries. This strategy retains cash, lowers costs by reflecting true risk, and allows firms to cover 'blank risks' while accessing reinsurance markets directly.

We study whether legal liability protection helps companies to recruit and retain high-quality independent directors. We conduct difference-in-differences analyses exploiting the 1999 Ninth Circuit Court of Appeals Ruling on the Silicon Graphics case, which substantially raised the bar for filing securities class action (SCA) lawsuits as a shock. We document supporting evidence for the talent attraction hypothesis by showing improvements in newly recruited independent director quality following the ruling, but only for candidates who are previously not exposed to SCA litigation risk. The effects are stronger for firms facing greater litigation risk ex ante or smaller local supplies of director candidates. Results are more evident for experience-based quality dimensions. We also analyze a sample of voluntary independent director departures and find little support for the talent retention hypothesis, suggesting that more complex factors enter into a director’s continuation decision once a director is already exposed to SCA litigation risk. A policy implication is that liability protection can be useful in attracting more unexposed high-quality candidates to the pool of public boards but does little to attract high-quality candidates who are already in the pool of public firms.

We use a novel experiment in China to examine the effects of having a quasi-official investor own a small number of shares on specific firm outcomes. We find that, relative to control firms, pilot firms experience an increase in dissenting votes from independent directors, a reduction in tunneling and earnings management activities, and an improvement in merger performance. Independent directors questioned by the quasi-official shareholder in activism events subsequently lose board seats in the director market. Overall, our results shed light on a new mechanism for enhancing the protection of minority shareholders.

A股上市公司逐漸形成現金分紅的氛圍，相關監管和稅務政策亦成為投資者關注的議題。近年，中國證監會發布了多項措施，強化對上市公司現金分紅的監管，並推動上市公司提高分紅比率，這體現了監管者致力保障個人投資者利益。

A股上市公司逐漸形成現金分紅的氛圍，相關監管和稅務政策亦成為投資者關注的議題。近年，中國證監會發布了多項措施，強化對上市公司現金分紅的監管，並推動上市公司提高分紅比率，這體現了監管者致力保障個人投資者利益。

在成熟的股票市場，不少上市公司進行現金分紅，為投資者帶來經常性收益並增強其信心。去年擬進行分紅的A股上市公司共有3859家，較前兩年增加565家，現金分紅總額達2.24萬億元人民幣，較前年增加5.16%。這趨勢與中國證監會長期以來通過政策引領的努力密不可分。

在成熟的股票市場，不少上市公司進行現金分紅，為投資者帶來經常性收益並增強其信心。去年擬進行分紅的A股上市公司共有3859家，較前兩年增加565家，現金分紅總額達2.24萬億元人民幣，較前年增加5.16%。這趨勢與中國證監會長期以來通過政策引領的努力密不可分。