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Cambridge Endowment for Research in Finance (CERF)


Bang Dang Nguyen

Title of research: The Impact of the External Networks of Directors on Firms

This project investigates the external social networks of directors and their real impact on firms. Using a social-network based measure of director connections with important outside economic agents such as suppliers, bankers, and powerful politicians in a sample of U.S. firms from 1999 to 2011, we study whether and how these network connections impact firm value, performance, and major corporate financing and investment decisions. We also analyse the extent to which network characteristics such as size, closeness, activeness and homophily determine network value. Finally, we propose a robust identification to the endogenous relationship between director network connections and firm value.


Project Update - August 2018

Project Update - April 2018

Project Update - August 2017

Project Update - April 2017

Project Update - September 2016

Latest news

PhD advisor and co-author of CERF post-doc Xinyu Hou wins Nobel Prize in Economics

11 October 2022

Philip H Dybvig from Washington University is (joint with Bernanke and Diamond) a recipient of this year’s Nobel Memorial Prize in Economic Sciences for his research on banks and financial crises. Prof. Dybvig is the former PhD advisor of Dr Xinyu Hou who is currently a post-doctoral researcher at the Cambridge Endowment...