报告题目：Scientific Directors, Innovation and Firm Value

报 告 人：Ronald Masulis（University of New South Wales）

报告时间：2024年3月11日（周一）9:00-10:30 

报告地点：ZOOM平台在线交流（会议ID：237 738 1664）

ZOOM App下载链接：//zoom.us/download, 亦可点击以下链接直接参加会议：

//ucincinnati.zoom.us/j/2377381664?omn=93674476230

主办单位：bet365中国备用网址

【报告人简介】

Ronald’s expertise is in empirical corporate finance and corporate governance. He publishes on a broad range of topics including M&A, boards of directors, executive compensation, share ownership structure, business groups, and private equity. Ronald has published more than 40 papers in top tier finance journals as well as top Economics and Law journals. His work is influential with a large number of citations in the Web of Science and GoogleScholar. He served as President of the Financial Management Association International in 2020-2021 and has served as a director of the American Finance Association, Western Finance Association, and Financial Intermediaries Research Society and served on the editorial boards of the top four finance journals. He is currently a research associate at the European Corporate Governance Institute and a senior academic fellow at the Asian Bureau of Finance and Economic Research. He has also served at several US financial regulators including the U.S. Securities and Exchange Commission and has been a visiting professor/scholar at a large number of top business schools globally such as NYU, Dartmouth, London Business School, University of Cambridge, INSEAD, Hong Kong University of Science and Technology, Hong Kong University, Chinese University of Hong Kong and National University of Singapore.  

【内容摘要】

Scientific Directors are outside directors with specialized expertise in basic science and represent approximately 16% of outside directors. We provide direct evidence on the advisory roles of outside directors by exploiting Scientific Director expertise and detailed firm patent activity. When a Scientific Director’s influence on a firm’s patents rises, the probability of a firm producing higher-quality innovations also increases. A firm also generates more high-quality patents in the subject areas where Scientific Directors publish more academic articles. We observe a surge in economic benefits of Scientific Directors in pharmaceutical firms following the publication of the Human Genome Project results, which emphasizes the pivotal role of Scientific Directors in translating basic science into commercial innovation. We find Scientific Directors improve a firm’s innovation efficiency by helping link productive inventors from within their networks to the firms where they serve as board members.

撰稿：赵鹏辉  审核：史永东  单位：bet365中国备用网址