主题：Persistent Operating Losses and Corporate Financial Policies（持续运营亏损与公司财务政策）
主讲人：David J. Denis，匹兹堡大学约瑟夫・卡茨商学研究生院金融学教授
Among U.S. firms, operating losses have become substantially more prevalent, persistent, and greater in magnitude since 1970. Loss firms now comprise over 30% of the Compustat universe and such losses continue for a median of four years. We find that firms with negative operating cash flows account for more than half of the rise in average cash balances over the sample period, with average cash holdings increasing by 615% for negative cash flow firms vs. 95% for positive cash flow firms. Further, firms exhibiting operating losses now comprise the majority of equity issuers. These issuers stockpile most of the funds raised in the issue and use these funds to cover subsequent operating losses. We conclude that the immediate and expected ongoing liquidity needs of firms with persistent operating losses have substantially altered corporate financial policies.
Professor Denis’ primary teaching and research interests are in the area of corporate finance. He is the author of over 45 published articles in leading peer-reviewed journals on topics related to corporate governance, corporate financial policies, corporate organizational structure, corporate valuation, and entrepreneurial finance. He has also co-edited a book on corporate restructuring. He is currently an Editor of the Review of Financial Studies, has served as a Co-Editor of the Journal of Corporate Finance and is currently an Associate Editor of the Journal of Financial Research, the Financial Review, and Annals of Finance. He served as an Associate Editor of the Journal of Finance from 2001 to 2003, an associate editor of the Journal of Applied Finance from 2002-2008, and an associate editor of the Review of Financial Studies from 2010-2013.
Professor Denis has served as a member of the Board of Directors of Futuragene Corporation (2002-2003) and has served as a consultant to law firms, corporations, and government agencies on various aspects of financial markets and securities including bankruptcy reorganization, payout policy, credit ratings, corporate restructuring, stock prices, corporate valuation, corporate governance, capital acquisition, executive compensation, mortgage backed securities (MBSs), and collateralized mortgage obligations (CMOs).