时间：2016年6月14日（周二）15:00-16:30 

地点：嘉庚二号楼501教室 

题目：It’s in the Way That You Use It: CombiningMeasures of Asset Growth and Gross Profit 

报告人：Jun Chen, Senior Lecturer of Finance,Auckland University of Technology, New Zealand  

主持人：GeorgeWu, Assistant Professor of Finance, Xiamen University 

论文简介： 

Recent literature has focused on asset growth and profitability (measuredas GP/TA) as factors in predicting future returns. We construct a measure thatcombines both asset growth and scaled gross profit in a single measure, bydeducting the change in capital expenditures from gross profit. We demonstratethat our measure of profitability controls for the agency problem from managerialdecisions in investment. Our results are also robust to the scaling issuesraised by Ball et al (2014). Further, our measure produces superior results inthe full universe of CRSP stocks, but inferior results when applying to asubset of the 500 largest nonfinancial firms. It is consistent with the factorthat those largest firms are less affected by the agency problems, leading tothe failure of our new measure in predicting future returns among thissubsample. In sum, our new measure does reflect the pricing of agency issues.

报告人简介： 

Jun Chen earned his PhD in Finance from University of Texas at SanAntonio, USA. His research interests include Corporate Finance, MarketMicrostructure, International Finance, and Real Estate. He has published papersin journals such as International Reviewof Financial Analysis, Journal of Banking and Finance, and InternationalJournal of Managerial Finance.