题　目：Corporate Opportunity Waiver Laws and Trade Credit from Suppliers

嘉　宾：Jeffrey NG, Professor, The University of Hong Kong

主持人：李烁 助理教授必赢国际437官网

时　间：2025年04月28日（周一）14:00-15:30

地　点：必赢国际437官网 徐汇校区安泰楼A407室

内容简介:

Trade credit theory predicts that suppliers consider future customer purchases when making costly trade credit decisions to build relationships with their customers. Since 2000, several states have adopted corporate opportunity waiver (COW) laws, allowing firms to waive the duty of fiduciaries to avoid pursuing a business opportunity for personal gain if the opportunity could benefit their firm. We find that after enactment, firms in COW-law states receive less trade credit from their suppliers, consistent with the notion that potential managerial appropriation of a firm’s business opportunities diminishes suppliers’ incentives to use trade credit as a relationship-building tool. The reduction in trade credit is more pronounced for firms with managers who are more likely to appropriate the firm’s business opportunities or whose creditworthiness is more likely to be adversely affected by losses of business opportunities. It is less pronounced for firms with greater bargaining power over their suppliers. Finally, we demonstrate that firms in COW-law states experience lower sales growth and firm value. In addition, the firms, particularly those that see a reduction in their own trade credit, extend less trade credit to their customers.

演讲人简介：

Professor Jeffrey Ng has been a professor at The University of Hong Kong since July 2022. Prior to this appointment, he was an assistant professor at MIT Sloan School of Management from 2008 to 2012 and an associate professor at Singapore Management University School of Accountancy from 2012 to 2016, and a professor at The Hong Kong Polytechnic University from 2016 to 2022.

Professor Ng is interested in interdisciplinary research involving accounting issues. He has published in several top journals including Journal of Accounting Research, Journal of Accounting and Economics, The Accounting Review, Review of Accounting Studies, Contemporary Accounting Research, Journal of Financial and Quantitative Analysis, and Management Science. He is an associate editor at the European Accounting Review. He is on the Editorial Board of The Accounting Review and a member of the Business Studies Panel, Hong Kong Research Grants Council. His teaching interests include financial accounting, corporate reporting, and financial statement analysis.

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