| 主讲人简介： | Ruichang Lu, Associate Professor at Finance Department, Peking University Guanghua School of Management. He received the Ph.D. degree in Finance from NUS Business School, National University of Singapore. His research interest covers Banking, Financial Intermediaries, Corporate Finance. He received WFA Cubist Systematic Strategies Ph.D. Candidate Award for Outstanding Research (2014) and Seventh Annual Conference on Asia-Pacific Financial Markets (CAFM) best paper award. His research has appeared in journals such as Management Science and Journal of Financial and Quantitative Analysis and has been profiled in media outlets such as the Institutional Investor. |
| 简介： | The extensive influence of the founder CEO within the firm has the potential to create a single point of failure risk for the firm under normal circumstances while becoming favorable when the firm is in distress. Using the implied volatility of firm options as a market predictor of future uncertainty, we find consistent results that firms with a founder CEO are associated with a higher volatility risk premium in general. To establish causality, we use the sudden death of the CEO and the number of founders as instrumental variables and find consistent results. In contrast, when firms are in distress, founder CEOs become favorable to the firm and receive more support from banks, creditors, and employees. Overall, these results highlight a significant difference between the ex-ante risk assessment of options investors and the ex-post risk of founder CEOs. |