报告人：安恒 副教授（金融学) University of North carolina
摘要：Using a multi-dimensional index of board diversity, we find it is positively related to both the quantity and quality of a firm’s innovation output. Moreover, firms with diverse boards engage in more exploratory innovation with the development of new technology in unfamiliar areas. As a result, they create a greater number of breakthrough innovations as well as more failed inventions. The benefits start levelling off as diversity reaches high threshold, consistent with diversity having costs and benefits. Furthermore, the benefits are more pronounced for complex firms in competitive industries. Finally, out of the six different aspects of board diversity, professional diversity matters most for innovation.
报告人简介：Heng An is an associate professor in finance at the University of North carolina-greensboro. He received his PhD in Finance from the University of Alabama. Prior to UNC Greensboro, he worked as assistant professor at the University of South Dakota. His main research interests are in areas of corporate finance and real estate finance. He has published at the journals including Journal of Corporate Finance, Journal of Banking and Finance, Review of Accounting Studies, Journal of Real Estate Finance and Economics, Real Estate Economics, and Journal of Real Estate Research.