一、主题：Board Interlock and Investment Efficiency

二、主讲人：郑悦，香港科技大学会计系助理教授。郑悦教授的主要研究领域为会计信息质量，市场摩擦，公司金融等。她的论文发表在国际学术期刊The Accounting Review, Review of Accounting Studies, Contemporary Accounting Research。她的论文曾获得2021 年European Financial Management Association年会WRDS最佳论文奖。郑悦教授于2017年获得马里兰大学会计学博士学位，2012年获得圣路易斯华盛顿大学会计学硕士学位，2011年获得中央财经大学会计学学士学位。 

三、时间：2021年11月2日14:30- 16:00 

四、地点： 腾讯会议 ID：541 868 106 

五、主持人：彭俞超 副教授，必赢565net官网学术交流部主任

六、讲座内容

We explore whether boardroom connections improve the efficiency of a firm’s investment decisions by enhancing its external information environment. We find that board connectedness is negatively associated with the extent of investment inefficiency, with the effect being stronger for firms with higher information asymmetry. Subsample analyses suggest that board connectedness reduces both under- and overinvestment. Board connectedness mitigates underinvestment to a greater extent for firms with higher demand for external capital, and this effect is potentially driven by well-connected boards facilitating better access to equity financing. The effect of board connectedness on overinvestment is stronger for firms with higher agency costs and a greater presence of external monitors. These findings suggest that boardroom connections facilitate information transmission to external capital providers and monitors, thereby mitigating underinvestment arising from capital constraints and overinvestment arising from agency problems.