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<span lang="EN-US" style="font-size:18.0pt">The Institute for Analytical Sociology Seminar</span><span lang="EN-US" style="font-size:18.0pt;mso-fareast-language:SV"><o:p></o:p></span></p>
<p class="Pa8" align="center" style="margin-bottom:1.0pt;text-align:center"><span class="A8"><span style="font-size:18.0pt;font-family:"Times New Roman",serif">Venue: KO301 (3rd floor)</span></span><span style="font-size:18.0pt;font-family:"Times New Roman",serif">,
<span class="A6"><span style="font-family:"Times New Roman",serif">Kopparhammaren 2, Norra Grytsgatan 10, Norrköping
</span></span></span><span class="A6"><span style="font-family:"Times New Roman",serif;color:windowtext"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span class="A6"><span style="font-size:18.0pt;font-family:"Times New Roman",serif;color:#1F497D"><o:p> </o:p></span></span></p>
<p class="Pa8" align="center" style="margin-bottom:1.0pt;text-align:center"><span lang="EN-US" style="font-size:18.0pt;font-family:"Times New Roman",serif">Thursday February 20 @11:00</span><u><span lang="EN-US"><o:p></o:p></span></u></p>
<p class="Pa8" align="center" style="margin-bottom:1.0pt;text-align:center"><span lang="EN-US">__________________________________________________</span><span lang="EN-US" style="font-family:"Times New Roman",serif"><o:p></o:p></span></p>
<p class="MsoNormal" align="center" style="text-align:center"><b><span lang="EN-US" style="font-size:18.0pt;mso-fareast-language:SV"><o:p> </o:p></span></b></p>
<p class="MsoNormal" align="center" style="text-align:center"><b><span lang="EN-US" style="font-size:18.0pt;color:black;mso-fareast-language:SV">Opportunity-Driven Expropriation: Intertemporal Prospect and Tunneling Vulnerability<o:p></o:p></span></b></p>
<p class="MsoNormal" align="center" style="text-align:center"><b><span lang="EN-US" style="font-size:18.0pt;mso-fareast-language:SV"><o:p> </o:p></span></b></p>
<p class="MsoNormal" align="center" style="text-align:center"><i><span lang="EN-US" style="font-size:12.0pt;color:black;mso-fareast-language:SV">Zhiyan Wu<o:p></o:p></span></i></p>
<p class="MsoNormal" align="center" style="text-align:center"><i><span lang="EN-US" style="font-size:12.0pt;color:black;mso-fareast-language:SV">Erasmus University</span></i><i><span lang="EN-US" style="font-size:12.0pt"><o:p></o:p></span></i></p>
<p class="MsoNormal" align="center" style="text-align:center"><i><span lang="EN-US" style="font-size:12.0pt"><o:p> </o:p></span></i></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span class="gmail-il"><b><span lang="EN-US">Abstract</span></b></span><span lang="EN-US">: <br>
We study the probability of firms becoming targets for asset tunneling. Conceptualizing expropriation as an intertemporal choice for controlling shareholders, we propose that a firm’s tunneling vulnerability is subject to its intertemporal prospect. Relative
to the baseline configuration of aligned long-term than short-term prospects, tunneling a firm with better long-term than short-term prospects creates opportunity costs of foregone dividends, and so is less likely than tunneling a firm with better short-term
than long-term prospects. The incentive to extract assets is higher in the latter case, especially in firms where investors exhibit capital patience. We find strong support for our predictions in the population of publicly traded Chinese firms from 1991 to
2017. <o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US">Practical Note from Zhiyan Wu: <o:p></o:p></span></b></p>
<p class="MsoNormal"><span lang="EN-US">If you are investing in stock markets or have plans to do so in the future, this seminar will equip you with knowledge of how to protect yourself as a minority shareholder.
<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-GB"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="mso-fareast-language:SV">The seminar is open for everyone. Coffee and tea is provided.
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<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span lang="EN-US" style="mso-fareast-language:SV">Best regards<br>
Madelene Töpfer<br>
Administrator</span><span lang="EN-US" style="mso-fareast-language:SV"><br>
<br>
</span><span lang="EN-US" style="mso-fareast-language:SV"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="mso-fareast-language:SV"><img width="170" height="44" style="width:1.7708in;height:.4583in" id="_x0000_i1025" src="https://liu.se/mallar/signatur/liu_signatur_en.png" alt="Linköping University"></span><span style="mso-fareast-language:SV"><o:p></o:p></span></p>
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<p class="MsoNormal"><b><span lang="EN-US" style="font-size:10.0pt;font-family:"Arial",sans-serif;mso-fareast-language:SV">Institute for Analytical Sociology</span></b><span lang="EN-US" style="font-size:10.0pt;font-family:"Arial",sans-serif;mso-fareast-language:SV"><br>
S-601 74 Norrköping<br>
Phone: +46 (0)11-36 32 91<br>
Mobile: +46 (0)700 89 66 97<br>
Visiting address: </span><span lang="EN-US" style="mso-fareast-language:SV">Kopparhammaren 7, Kungsgatan 56D, Campus Norrköping</span><span lang="EN-US" style="font-size:10.0pt;font-family:"Arial",sans-serif;mso-fareast-language:SV">
<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:10.0pt;font-family:"Arial",sans-serif;mso-fareast-language:SV">Please visit us at
</span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;mso-fareast-language:SV"><a href="https://liu.se/" title="liu.se"><span lang="EN-US" style="color:black;text-decoration:none">liu.se</span></a></span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;mso-fareast-language:SV">
<span lang="EN-US"><o:p></o:p></span></span></p>
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