學術研討會

More Cash Flows, More Options? The Effect of Cash Windfalls on Small Firms

Finance Seminar2019-21)



Topic: More Cash Flows, More Options? The Effect of Cash Windfalls on Small Firms

Speaker: Xing Huang, Washington University in St. Louis

Time: Friday, 28 June, 12:15-13:30

Location: Room 217,Guanghua Building 2


Abstract:

This paper studies the effect of shocks to firms’ internal resources on business success and on owners’ economic behaviors. We use a new source of variation in cash flows by exploiting the bonus that retailers earn when selling jackpot-winning lottery tickets. Increases in the retailer’s internal resources reduce the probability the company will survive. The evidence is not consistent with deteriorating credit behavior or owner retirement but instead suggests that small business owners who receive large cash windfalls are more likely to start new businesses in non-retail industries. This effect becomes stronger when owners reside in low-income ZIP codes or do not own real estate assets. Finally, the amount of the bonus has a positive impact on revenues and number of employees for those retailers that remain open. Overall, our results suggest that small business owners may face financial constraints in their attempts to grow both internally and externally, which may result in both resource and talent misallocation.


Introduction

Xing Huang is an Assistant Professor of Finance at the Olin Business School, Washington University in St. Louis. She received a Ph.D. in Economics from the University of California at Berkeley in 2013, and a B.A. and a M.A. in Finance from Peking University. Prior to joining Wash U, Dr. Huang served on the faculty of the Broad College of Business at Michigan State University. She has also worked as research associate at Morgan Stanley Capital International and summer research fellow at Federal Reserve Bank of Chicago.

Dr. Huang's research focuses on behavioral finance, asset pricing, and household finance. She is interested in empirically characterizing how market participants behave, and identifying how these (non-standard) behaviors can improve our understanding on the pricing of the financial market. Her work has been published in the Review of Financial Studies, the Journal of Financial Economics, the Review of Finance, and Management Science.

https://sites.google.com/site/xinghuangcal/


Your participation is warmly welcomed!

分享

?2017 北京大學光華管理學院 版權所有    京ICP備05065075-1

竞彩篮球大小分会变吗 做短线的股票 北京11选5综合走势图 娱乐棋牌开发 大地棋牌个人登录中心 吉林快三手机计划 安徽快3一定牛遗漏 股票大盘 福利彩票排列7开奖 琼崖海南麻将下载 江苏快3计划 北京快乐8同步开奖 20019快乐双彩开奖结果 怎么样炒股 牌友联盟可以作弊吗 权重股和蓝筹股的区别 熊猫麻将安卓版