【题目】National Culture, Firm Performance, and Investor Behavior: An Empirical Study on Cross-Listed Stocks 

                 （国家文化、公司表现及投资者行为：基于跨境上市公司的实证分析）

【时间】2025年6月19日（星期四）上午10:00

【地点】经济与管理学院文二栋301会议室

【主讲人】才静涵副教授

【主持人】卢允之博士

【主讲人简介】

才静涵，现为斯科兰顿大学金融学副教授。他于中国人民大学获金融学学士，于波士顿学院和香港城市大学分获经济学与金融学博士。论文发表于Review of Financial Studies, Global Finance Journal, Economics Letters, Journal of Economics and Finance, Finance Research Letters, Economics Bulletin, Journal of Economic Asymmetries, Annals of Financial Economics, Journal of Japanese and International Economies，《经济科学》《管理科学学报》《中国金融学》《金融学季刊》《证券市场导报》等中外杂志。

才静涵博士曾供职于深圳证券交易所综合研究所，在所期间出版专著一部，撰写多篇研究报告，并参与多项资本市场相关课题研究。主持中国博士后科学基金一项，参与自然科学基金课题两项。2011年获中国信息化学术成果优秀论文奖。

【摘要】

National culture (e.g., individualism, masculinity, power distance) may affect stock price movements by influencing either firms or investors, but the identification of the firm or investor channel is extremely challenging. This paper uses the cross-listed firms as a natural experiment, making it possible to separate the impact of Hofstede’s cultural traits on Jensen’s alpha via the firm channel from the investor channel. We check three cultural traits and find that (1) higher individualism is associated with higher alpha through both the firm channel (more innovation) and the investor channel (higher market efficiency); (2) higher power distance index is associated with lower alpha through both the firm channel (hierarchical constraints on innovation) and the investor channel (lower market efficiency). However, (3) masculinity shows a dual effect: higher masculinity in the home country leads to lower alpha through firm behaviors (worse cash flows due to lower gender diversity and a less collaborative environment), but higher masculinity in the listing country leads to higher alpha (higher market efficiency) through the investor channel. Our novel identification strategy addresses the mixed empirical evidence and provides clarity on how cultural dimensions shape financial markets through both firm operations and investor behavior.