主题：Cross-border knowledge sharing, international supply chains, and the innovation ecosystem: a cautionary reminder for aggressive trade policy
主讲人：Sudipto Dasgupta，香港中文大学教授
时间：5月21日（周三）上午10:00-11:30
地点：4-101教室
语言：英文
摘要：
Cross-border patenting has increased dramatically over the last three decades. We argue that a key driver is increased outsourcing and the need for downstream customer firms to securely share proprietary knowledge with their upstream suppliers located internationally. Based on the economic value of cross-border patents [Kogan et al., 2017], we estimate that U.S. downstream firms in recent years gained at least 0.5 trillion dollars annually from patents granted in other countries. Patent values in foreign countries positively correlate with the cumulative abnormal stock returns (CARs) of the foreign suppliers and those suppliers' industry peers when they are granted. This suggests market anticipation of shared benefits for the suppliers and their US customers, stemming from knowledge transfer and new contracts resulting from the patent grants, alongside expected technology spillovers benefiting competitor firms in the same industry. We provide evidence of a vibrant innovation ecosystem in the international supply chain involving knowledge transfer from U.S. downstream firms and strong within-country spillovers. Our findings bear significant implications for trade policies that might disrupt supply chains, suggesting that measures like tariffs, while aimed at reinforcing domestic supply chains, risk the abandonment of firm-specific knowledge capital that is embedded in established international supplier relationships, and could destabilize the international innovation ecosystems and local agglomeration economies that make global outsourcing efficient.
主讲人介绍：
Prof. Sudipto Dasgupta is currently a Professor at the Department of Finance at The Chinese University of Hong Kong (CUHK) Business School. He previously held academic positions at Lancaster University (where he was Distinguished Professor of Finance), The Hong Kong University of Science and Technology (where he was Department Head during 2013-2015; Chair Professor from 2008, and Professor from 2004), The Jawaharlal Nehru University, The Indian Statistical Institute, and The University of Southern California. He was the Managing Editor of the International Review of Finance from 2008 to 2020, and is a Senior Fellow of the Centre for Economic Policy Research (CEPR) and the European Corporate Governance Institute (ECGI). He is currently a board member of the Financial Management Association and Academic director for the Asia-Oceania region. He serves as Associate Editor for the review of Corporate Finance Studies and Journal of Empirical Finance.
Prof. Dasgupta obtained his PhD in Economics from the University of Southern California in 1988 and has been teaching Finance since 1993. He has broad research interests with a focus on Corporate Finance.
Prof. Dasgupta’s early work was on Applied Game Theory and the Theory of Industrial Organisation. He worked on the design of procurement auctions and on takeover bidding environments. He later worked on topics such as the role of firm leverage on worker-firm bargaining, on information sharing among competing firms in an oligopolistic market structure, and the effect of leverage on product market outcomes. Most of this early work was theoretical in nature.
His more recent work includes papers based on empirical methodology and he has examined such issues as the role of Socially Responsible Investors in mitigating the environmental impact of emissions, how air pollution affects cross-border mobility, capital flows, and asset prices, how social connections between upstream and downstream managers encourage innovation, what M&A conference call transcripts reveal about issues that matter for managers involved in M&A deals, etc. His earlier empirical work focused on the capital structure policy of firms, the effect of financial constraints on firm behaviour (including inventory investment and the allocation of cash among alternative uses), the reputational effects of large customer accounts on the loan spreads of supplier firms, whether the managerial labour market rewards top executives for their perceived ability, whether more intense product market competition increases firm efficiency by accelerating the replacement of less efficient managers, and so on.
Prof. Dasgupta has regularly served on the programme committees for meetings of the Western Finance Association, the European Finance Association, the China International Conference in Finance and the Financial Intermediation Research Society (FIRS), and has served as session chair for all the major conferences. He was a programme co-chair for the China International Conference in Finance for 2013 and 2014, and the CEPR Annual Conference in Finance for 2017 and 2018. He was a board member of the FIRS from 2013-2015. He was a member of the Nomination Committee of the American Finance Association in 2011.
