应学院运营与财务管理研究所邀请，复旦大学孙谦教授将于我院举办学术讲座。欢迎感兴趣的师生积极参加！

题   目：广告与股价崩盘风险

主讲人：孙   谦  教授

主持人：靳光辉 副教授

时   间：2023年9月13日（周三）09:00-11:00

地   点：城关校区（西区）齐云楼204

讲座简介：

Product market advertising is a common business practice. It not only captures attention in product market but also capital market (Madsen and Niessner, 2019) and signal a firm’s quality when the firm undertakes IPOs and SEOs (Chemmanur and Yan, 2009). However, product market advertising also has some negative side effects in the capital market. The paper extends the existing literature by examining whether advertising spending, especially intensive advertising, increases stock price crash risk for a sample of Chinese firms during the 2010-2019 period.

The paper finds that intensive advertising has a side effect to increase stock price crash risk for the advertising firms. The positive relation between product market advertising and crash risk is more pronounced when the information uncertainty is higher. Intensive product market advertising can increase future crash risk through the mediating effects of investor attention, investor sentiment, and equity overvaluation.

The study has both theoretical and practical implications, suggesting that the side effect of advertisement on crash risk should not be ignored.

主讲人简介：

孙谦，经济学博士。现任复旦大学特聘教授。

孙谦教授曾就读于北京大学、William Paterson College 和 Arizona State University，并先后获得学士、工商管理硕士和经济学博士学位。孙教授曾执教于新加坡南洋理工大学商学院，先后任讲师、高级讲师和副教授。2005年底应聘到厦门大学任财务管理与会计研究院院长及特聘教授。2010年-2021年任复旦大学学院财务金融系主任。 曾任上海证券交易所高级访问金融专家。孙教授多有著述，在国际著名期刊发表论文30余篇。

孙谦教授主要学术兼职有亚洲影子金融监管委员会委员，亚洲金融学会副主席，曾任教育部高等学校金融学专业教学指导委员会副主任，并担任多家国内外学术期刊的编委。