第十二期
题 目：Who Leads and Who Follows? The Cross-Border Peer Effect in Investment by Chinese and US Firms
主讲人：Jerry Cao
时 间： 2023年10月13号12:00-13:30
地 点：北京师范大学珠海校区励耘楼B312
摘要：
We document a cross-border peer effect in corporate investment across two key economies, China and the US. Results show that investment by Chinese firms lags US peers without feedback in the other direction. This association is stronger for Chinese firms in manufacturing, with innovative US peers, or experiencing trade pressure, and is robust to diagnostic tests using trade, competitive, and business cycle conditions. Furthermore, Chinese firms respond to domestic competition by learning from US peers. Information acquisition and managerial career concerns partly explain the peer effect. Our work illustrates how decision-makers in China’s rapidly-growing economy have learned from foreign peers.
我们发现了中美两个主要经济体之间企业投资的跨境同行效应。研究结果显示，中国企业的投资落后于美国同行，而没有相反方向的反馈。对于制造业、具有创新精神的美国同行或面临贸易压力的中国企业来说，这种关联更强，并且对使用贸易、竞争和商业周期条件的诊断测试具有很强的说服力。此外，中国企业通过向美国同行学习来应对国内竞争，信息获取和管理职业问题可以部分解释上述同伴效应。本研究的研究成果表明中国快速增长的经济决策者如何向国外同行学习。
个人简介：
Dr Cao Jerry serves as associate professor at Hang Seng Business School, research affiliate of ESG center and chair of China Committee. Dr. Cao graduated from Boston College with PhD degree in finance under supervision by Professor Josh Lerner from HBS in 2008. His education experience includes the master program of economics in the University of Western Ontario and undergraduate study in the Huazhong University of Science and Technology. Dr. Cao’s prior placements include chair professor of finance in Shenzhen University, Associate professor at Lingnan College, Sun Yat-sen University (Guangzhou) and assistant professor at Singapore Management University.
Dr. Cao is the top expert in finance, innovation and entrepreneurship with great experience in building innovation driven ecosystem and technology transfer infrastructures. His main achievement includes the leading role in the cofounding of Asia Private Equity Institute (APEI) at Singapore Management University with partnership of GIC (Government Investment Corporation) in 2012 and served as the first director of APEI, an industry-university alliance to promote entrepreneurship and venture capital. In Singapore, he was a regular guest lecture at Nanyang Entrepreneurship Center teaching the master entrepreneurship programs. After returning to China in 2018, Dr. Cao cofounded the MIT REAP Guangzhou Center, a global innovation driven entrepreneurship ecosystem under the sponsorship of MIT and Sun Yat-sen University. Dr Cao played a leading role in bringing together important stakeholders including universities (MIT, Sun Yat-sen University, etc), venture capital (Turing Fund, High Hill Capital), corporations (Yunkang Group), entrepreneurs and government (Guangzhou Government) to enable technology transfer and innovation commercialization. Dr Cao builds a large techno-entrepreneurship community with extensive networks and community building (REAP Great Bay Community). Dr Cao currently is the independent director of a Fintech firm listed in NASDAQ and a medical firms listed in the HKEX mainboard.
Dr Cao teaches in finance courses of all levels on Corporate Finance, IPO, M&As, VC and PE, including executive courses on Chinese capital market and global financial market. Dr Cao currently serves as associate editor for Economic Modelling and editorial board for Frontier in Artificial Intelligence and several special issue for Pacific Basin Finance Journal. His publication records include over 20 papers including ones in JFE, MS, JFQA, JCF and JBF. Dr Cao receives many awards including best paper in FMA and academic conferences. Dr is also recipient of Lee Foundation Fellow in Singapore and MAS appreciation award for being a regular speaker at Finance Literacy Education for the Singapore government.
第十三期
题 目：Monetary policy, real cost channel, and expectations-driven liquidity traps
主讲人：聂禾
时 间： 2023年10月13号15:00-16:30
地 点：北京师范大学珠海校区励耘楼B312
摘要:
This paper analyzes the implications for the expectations-driven liquidity trap (LT) in a New Keynesian model with the cost channel. I find that the nominal cost channel alone cannot preclude the expectations-driven LT. However, if the real cost channel is sufficiently strong, it can eliminate the expectations-driven LT by making the effective slope of the Phillips Curve steeper than its counterpart of the Euler equation during periods of zero lower bound. In contrast, a weak real cost channel may even exacerbate the sunspot equilibrium. Finally, we establish that, under the real cost channel, the neo-Fisherian effects would vanish if the expectations-driven LT is ruled out. When forward guidance is incorporated with the real cost channel, the economy is susceptible to falling into low-inflation traps.
本研究在包含成本机制的新凯恩斯主义模型中分析预期驱动的流动性陷阱（LT）的影响。研究发现仅凭名义成本渠道不能排除预期驱动的流动性陷阱。但是，如果实际成本通道足够强，则可以通过使菲利普斯曲线的有效斜率在零下限期间比欧拉方程的有效斜率更陡峭来消除预期驱动的流动性陷阱。相比之下，疲软的实际成本通道甚至可能加剧太阳黑子平衡。最后，本研究认为再实际成本通道下，如果排除预期驱动的流动性陷阱，新费舍尔效应将消失。当前瞻性指引与实际成本渠道相结合时，经济很容易陷入低通胀陷阱。
个人简介:
聂禾，武汉大学金融系特聘副研究员。研究领域包括货币政策、财政政策、资产定价和金融时间序列建模。研究成果在Review of Economic Dynamics, Macroeconomic Dynamics, Journal of Futures Markets等期刊上发表。
He Nie is an (untenured) Associate Professor at the Department of Finance, Wuhan University. His research focuses on monetary policy, fiscal policy, asset pricing, and financial time series modeling. He has published research in journals such as Review of Economic Dynamics, Macroeconomic Dynamics, and Journal of Futures Markets.
