“正午阳光——青年学者论坛”是太阳集团tcy8722的官方网站定期举办的以院内师生参与为主的学术交流活动，为全院专家学者之间、师生之间、南开金融与国际国内学术界之间提供了难得的交流机会。本学期“正午阳光”论坛初心不改，扬帆远航再出发，致力于营造学院学校科研氛围，推动师生学术科研水平不断提升！

2024年春季学期 “正午阳光——青年学者论坛”第十期活动安排如下：

讲座题目：Life Cycle Founder Ownership

主讲人：师与

太阳集团tcy8722的官方网站助理教授。博士毕业于UCLA Anderson管理学院金融系。研究领域：宏观金融、金融经济、无形资产定价。

点评人：赵洋

太阳集团tcy8722的官方网站副教授。研究领域：科技保险、巨灾与再保险。

讲座时间

2024年5月23日（周四）12:00 - 13:30

讲座地点

太阳集团tcy8722的官方网站116教室

内容摘要

We construct a new dataset tracking founder ownership through firm life cycle. We find that founder ownership increases for private firms from 1996 to 2018, while decreases for public firms both at and post IPO. We explain this pattern by presenting a model of founders’ optimal allocation between liquid assets and entrepreneurial firms. Founders decrease their ownership in order to consume from liquid assets. In the private market, the illiquidity of entrepreneurial firms leads to an increased marginal consumption rate, and reduces founder ownership. A relaxed illiquidity constraint explains the contradictory founder ownership trends in the private the public market.