Zhou Yifan:Ownership Concentration and Crisis Recovery


Time2023. 10. 27Friday10:30-12: 00

VenueBuilding 2, Room 220, Songjiang Campus

SpeakerZhou Yifan, Assistant Professor of Oceanwide International Finance at Fudan University

HostChen Bei,Assistant Professor 


This paper examines the effects of a firm having blockholders during the 2008-09 financial crisis (GFC) on its post-crisis recovery. We find that firms with higher mid-crisis blockholder ownership recover better in ROA, sales growth, Tobin’s Q, and asset turnover in the decade following the GFC. We further discover that during the GFC, blockholder ownership was associated with i) more votes against manager-sponsored proposals, ii) a higher probability of appointing a new CEO and/or director, and iii) issuance of less net debt and net equity. Among these activities, we find that only the governance-related ones might have contributed to a firm’s crisis recovery. Overall, this paper sheds light on the time-contingent impacts of blockholders on firm outcomes.

Guest Speaker

Zhou Yifan is an assistant professor of finance at the Oceanwide International Finance School of Fudan University, with a focus on political economy and corporate finance. The paper has been published in top international journals such as Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Banking and Finance, and has been reported by mainstream international media such as the New Zurich Daily and the United Nations Principles of Responsible Investment. Zhou Yifan was awarded the Outstanding Research Award by the Oceanwide International Finance School in 2021. Received a PhD in Finance from the University of Melbourne in 2021, and a Double Bachelor's degree in Accounting and Finance from the University of Auckland in 2015 with the first GPA of the year.

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