网络彩票平台十大排名

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【文澜金融论坛-183期】吴仰儒教授讲座通知

讲座题目:Geopolitical Risk and Investment

人:吴仰儒教授

人:余明桂教授

报告时间:2020年6月24日(周三)上午9:00—11:00

报告地点:腾讯会议(376 946 383)

主办单位:网络彩票平台十大排名

产业升级与区域金融湖北省协同创新中心

中南财经政法大学湖北金融研究中心

中南财经政法大学中国投资研究中心

内容摘要:Using a news-based index of geopolitical risk (GPR), we document a strong negative relationship between firm-level corporate investment and GPR. When the GPR index doubles, investment rate in the next quarter declines by 14% of its sample mean. The effect is more pronounced for firms with more irreversible investment or higher market power, confirming the real options theory. However, the effect is less significant for firms with a stronger ability to substitute labor for capital or with a higher labor-to-capital ratio, supporting the convex return theory. Furthermore, the impact of GPR on investment varies across geopolitically-sensitive sectors. It is stronger for firms in the tourism and its related sectors and is weaker for firms in the defense sector. Overall, our results suggest that the real options channel dominates the Oi-Hartman-Abel effect in driving the negative GPR-investment relationship.

主讲人简介: 吴仰儒在美国俄亥俄州州立大学取得博士学位。现任美国罗格斯新泽西州州立大学Rutgers商学院金融学教授,数量金融硕士学位项目主任。兼任中央财经大学中国金融发展研究院院长,特聘教授。在加盟罗格斯新泽西州州立大学前,吴教授任教于香港中文大学和美国西弗尼吉亚大学。曾任新加坡国立大学和新加坡管理大学的访问教授。吴教授的主要工作在国际金融,资产定价,和宏观经济实证研究。他已在金融,经济和统计学术期刊上发表了六十多篇论文,包括Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, International Economic Review, Biometrika。