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芝加哥大学布斯商学院金融学副教授何治国:影子银行与低效率的投资波动

时间: 2014-09-10 15:21 来源: 作者: 浏览量:2932 字号: 打印

主讲人:何治国,芝加哥大学布斯商学院副教授

日期:2014910日(周三)

时间:下午1:30-3:00

地点清华五道口金融学院4号楼101教室

语言:英文

主题1:影子银行

主要探讨对中国影子银行问题的初步研究成果

主题2低效率的投资波动(Inefficient Investment Waves

We show that firm’s individually optimal liquidity management results in socially inefficient boom-and-bust patterns. Financially constrained firms decide on the level of their liquid resources facing cash-flow shocks and time-varying investment opportunities. Firm’s liquidity management decisions generate simultaneous waves in aggregate cash holdings, in market value of liquidity and in investment even if technology remains constant, consistently with firm-level and aggregate evidence. These investment waves are not constrained efficient in general, because the social and private value of liquidity differs. The resulting pecuniary externality affect incentives differentially depending on the state of the economy. There is often overinvestment in booms and underinvestment in recessions. In general, policies targeted to raise prices in recessions to mitigate underinvestment, make overinvestment in booms worse. However, a well designed price-support policy will increase welfare both in booms and in recessions.

主讲人简介:

Zhiguo He is interested in the implications of agency frictions and debt maturities in financial markets and macroeconomics, with a special focus on contract theory. His research has been published in leading academic journals including Review of Economic Studies, Journal of Finance, Review of Financial Studies, Journal of Financial Economics and Management Science. He was awarded the 2014 Alfred P. Sloan Fellowship in Economics. Before joining the Chicago Booth faculty in 2008, he was visiting the Bendheim Center for Finance at Princeton University as a post-doc fellow. He was a stock analyst at the China International Capital Corporation in Beijing in 2001. In 2007, He won the Lehman Brothers Fellowship for Research Excellence in Finance, the Swiss Finance Institute Outstanding Paper Award and the Smith-Breeden First Prize.