KHAS Finans Seminerleri – Conrado Diego García-Gómez
Kadir Has Üniversitesi Uluslararası Ticaret ve Finansman Bölümü’nün düzenlediği Finans Seminerleri serisinin 22 Kasım Salı günü konuğu University of Valladolid’den Conrado Diego García-Gómez oluyor.
García-Gómez’in “How does uncertainty affect corporate investment inefficiency? Evidence from Europe” başlıklı konuşmasını saat 17:00‘den (GMT+3) itibaren Zoom üzerinden takip edebilirsiniz.
Zoom Meeting ID: 838 6693 5154
Etkinlik dili İngilizcedir.
Özet: We conduct a cross-country, firm-based analysis of the impact of uncertainty (World Uncertainty Index–WUI) on corporate investment inefficiency. The analysis, conducted in the period 2012–2020 across 30 European region countries, demonstrates a negative impact of uncertainty on the absolute value of investment inefficiency. Specifically, there is a negative effect of uncertainty on investment inefficiency in cases of overinvestment, and a positive effect of uncertainty on investment inefficiency in cases of underinvestment. Thus, in both abnormal investment scenarios, uncertainty alleviates the investment inefficiency – namely, uncertainty may optimize investment decisions. The findings are robust to country, industry, and time fixed-effects; GMM; and different legal systems. Moreover, the findings shed important light on the exogenous uncertainty effect on asymmetric information and agency, generating investment decisions.
Konuşmacı Hakkında: Conrado Diego García-Gómez serves as an Associate Professor of Finance at University of Valladolid (Spain) and is currently a visiting researcher at University of Porto (Portugal). He has been a visiting professor at University of Coimbra (Portugal), Catholic University of Louvain (Belgium) and University of Pau et des Pays de l’Adour (France). His research interests include corporate finance, corporate governance, risk-taking and hospitality finance. His works have been published in top referred journals, such as Tourism Management, Finance Research Letters, Research in International Business and Finance and European Journal of Finance.