PUBLIC LECTURE – MAYBANK CHAIR
THE FACULTY OF BUSINESS AND ACCOUNTANCY PRESENTS A LECTURE
ENTITLED
Corporate Governance, Animal Spirits and Stock Prices
by
PROFESSOR FERDINAND A.GUL (MAYBANK CHAIR HOLDER)
DATE: 7 AUGUST 2009
TIME: 10.30 am
VENUE: LECTURE HALL 3, FACULTY OF BUSINESS AND ACCOUNTANCY,
UNIVERSITY OF MALAYA
All are welcome. Lunch will be served after the lecture.
For further details, please contact norhayah@um.
ABSTRACT
The talk discusses some perspectives on the link between differences in corporate governance across countries, and firms within a country, and the informativeness of stock prices. Informative stock prices, measured in terms of synchronous stock price movements, are important pieces of information for the efficient allocation of scarce capital resources by the market and managerial investment decisions. Two published research papers in the Journal of Financial Economics (JFE) that examine these issues are discussed, as examples.
A by-product of this discussion is a recognition of the wide fluctuation and volatility of stock prices (also the volatility of recent stock prices and the financial crisis). These events and other financial crisis have undermined confidence in the efficient market hypothesis (EMH) and the view the investors and the market, as a whole, are rational. A strand of research now suggests that that the market and investors are not inherently rational but are driven by “animal spirits” an idea that was actually identified by J.M. Keynes in his The General Theory of Employment, Interest and Money (1936). Some of the ideas discussed by Akerlof and Shiller (2009) in their book “Animal Spirits” is surveyed and discussed. These and other ideas about the “irrationality” of investors have spawned a new area of research in behavioral financial economics. The talks end with some new research that provides some support evidence that investors are driven by psychological bias or “animal spirits”.
Speaker’s Profile
Professor Ferdinand A Gul PhD, FCA (Australia), FCPA (Hong Kong)
Professor Gul’s research interests are in the inter-disciplinary application of contracting and agency theories to Accounting, Auditing and Corporate Finance. He has published more than 65 refereed papers. Many of the papers appear in leading high impact factor (see ISI Journal Citation Reports) journals such as Journal of Financial Economics, Journal of Accounting and Economics, Journal of Accounting Research, Contemporary Accounting Research, Auditing: A Journal of Practice and Theory, Journal of Corporate Finance, The Accounting Review and Journal of Accounting and Public Policy. Besides, he has published academic books on auditing and recently, edited a book of readings on the Corporate Governance of East Asian Corporations.
He serves on the editorial boards of several journals including currently, Associate Editor, Contemporary Accounting Research, Co-editor, Journal of Contemporary Accounting and Economics (Elsevier), Editorial Board of the following: Auditing: A Journal of Practice and Theory, Accounting Horizons and British Accounting Review.
Professor Gul has served in senior academic positions at different Universities such as Chair in Accounting at the Chinese University of Hong Kong and before that, Chair in Accounting at Griffith University. He is currently Professor of Accounting and Corporate Governance and Head of the School of Accounting and Finance at the Hong Kong Polytechnic University. He is also the Director of the DBA/DMgt program at the Graduate School of Business at Hong Kong Polytechnic University since 2005. The program now attracts high quality students and is the leading doctorate program in the Asia Pacific region. Professor Gul holds several honorary positions and visiting professor appointments at Universities in China.
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