主讲人

（单位）

王庆伟

(英国卡迪夫大学)

主持人

（单位）

尹威

（东南大学）

讲座时间

2026年9月16日下午2点

讲座地点

综合楼303

主讲人简介

王庆伟教授是英国卡迪夫商学院金融学讲座教授，会计金融系系主任。他曾担任班戈商学院助理教授，欧洲经济研究中心（德国）研究员, 并参与过德意志银行、德国联邦经济和劳工部以及德国科学基金会的研究项目。王教授现为卡迪夫金融科技研究中心联合主任，European Journal of Finance, Finance Research Letters副主编，以及European Journal of Finance “金融科技和金融市场”特刊的客座主编。他曾在国际许多期刊上发表文章，包括Contemporary Accounting Research, Journal of International Business Studies, British Journal of Management, Journal of Empirical Finance, and International Journal of Forecasting。他的主要研究方向：金融科技，行为金融，投资决策，可持续金融。

讲座内容摘要

While traditional literature attributes the impact of corporate governance on stock returns to fundamental agency costs, we provide a behavioral explanation by endogenizing a firm's sentiment exposure in a noise trader risk model. Weak governance relaxes constraints on opportunistic managerial hype, enabling managers to exploit market optimism but also raising the required risk premium due to higher noise trader risk. Consequently, managers optimally choose a sentiment exposure that is strictly increasing and concave in governance weakness. This endogenous exposure generates two distinct pricing effects: a predictable reversal of linear price pressure, and a noise trader risk premium that is quadratic in sentiment exposure. The interaction of these pricing forces creates asymmetric relative returns between poorly and well-governed firms, which increase following negative sentiment states but become theoretically ambiguous following positive states.