Title：The Effect of Long-Termism on Firm Value: Evidence from a Natural Experiment

Speaker: Associate Professor Xie Jing, University of Macau

Time：Friday, December 12, 2025, 16:00-17:30

Venue: Room A618, New Main Building, Xueyuan Road Campus

Abstract:

We provide causal evidence that long-termism positively impacts firm value. Leveraging the SEC's 2016 Tick Size Pilot Program as an exogenous shock that promotes long-termism, we find that firms exposed to the program experience an increase in valuation.

About the Speaker:

Xie Jing is an Associate Professor of Finance at the University of Macau. He obtained his Ph.D.in Finance from the National University of Singapore in 2015. He joined the University of Macau in Feb. 2023 and had worked as an Assistant Professor of Finance at The Hong Kong Polytechnic University from 2015 to 2022. His research focuses on empirical corporate finance, behavioral finance, and institutional investor behavior. His work has been published in leading academic journals, including the Journal of Financial Economics and The Accounting Review. He currently serves as an Associate Editor for a leading international journal: Emerging Markets Review (ABDC Rating: A, Scopus Q1) and is a Council Member of the Asian Finance Association. Additionally, he has also acted as an anonymous reviewer for over twenty international top-tier journals in finance, accounting, and information systems.

Editor: Lyu Xingyun