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【金融高端论坛】第五期

【本期主题】A Blessing in Disguise: Are Firms Born in Recession Better Than Others?

This paper investigates whether and how firm fixedeffects affect corporate performance and policies. We identify a specificsource of firm fixed effects by comparing firms born in one of the NBERrecession periods with their comparables. We find strong empirical evidencethat whether a firm was born in one of the recession periods matters for firmperformance and a wide range of corporate decisions. After controlling for welldocumented factors, we find that firms born in recession have stronger stockmarket performance and operating performance. We also find that a significantextent of the heterogeneity in investment, financial, organizational, and risktaking practices of firms can be attributed to their birth years. Our findingssuggest that the adverse founding conditions have imprinted their marks onfirms, inuence firms' approach toward decision making, and lead to largevariation in firm performance. Our paper provides a possible role played byfirm history as an explanation for firm fixed effects.

【时间】05月03日 上午10:00
【地 点】明德主楼0509室

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中国人民大学金融高端论坛组委会

财政金融学院应用金融系

汉青经济金融高级研究院金融系

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