【主讲人】夏聪 助理教授
【主持人】高明 长聘副教授
【报告题目】Not My Fault: Missing the Target and CEO's Self-Attribution Bias

【报告摘要】This paper exploits a regression discontinuity design to investigate how managers attribute responsibility when they miss a firm target in the relative performance contract. Using a measure based on causal words and sentences in the Management Discussion and Analysis (MD&A) section of 10-K filings as proxies of CEO's Self-Attribution Bias, we find that CEOs are more likely to attribute responsibility to the competitors or the industry when they miss a target. Our finding improves the understanding and the interpreting of firm reports, and our understanding of managerial behavior.

【主讲人介绍】夏聪现任中央财经大学金融学院助理教授。2018年于美国南伊利诺伊大学卡本代尔分校取得金融博士学位。主要研究方向为银行、公司金融方面的实证研究，研究话题涉及银行系统性风险、银行流动性、企业创新、管理人薪酬、企业借壳上市等。相关成果发表于Review of Financial Studies、Journal of Financial and Quantitative Analysis等国际顶级期刊。