主題： Capital Allocation Across Sectors: Evidence from a Boom in Agriculture（跨部門的資本配置：以農業繁榮為例）

主講人：Jacopo Ponticelli，芝加哥大學布斯商學院金融學助理教授

日期：2015年12月16日（周三）

時間：下午2:00-3:30

地點：清華Betvictor中文版4号樓101教室

語言：英文

摘要：

We study the allocation of capital across sectors. In particular, we assess to what extent growth in agricultural profits can lead to an increase in the supply of credit in industry and services. For this purpose, we identify an exogenous increase in agricultural profits due to the adoption of genetically engineered soy in Brazil. The new agricultural technology had heterogeneous effects in areas with different soil and weather characteristics. We find that regions with larger increases in agricultural profitability experienced increases in local bank deposits. However, there was no increase in local bank lending. Instead, capital was reallocated towards other regions through bank branch networks. Regions with more bank branches receiving funds from soy areas experienced both an increase in credit supply and faster growth of small and medium sized firms.

主講人簡介:

Jacopo Ponticelli holds the Assistant Professor in Finance at the Booth School of Business, University of Chicago. He received a Ph.D. in Economics from the University Pompeu Fbra in 2013. Dr. Ponticelli’s research interests include corporate finance, development economics and applied economics. He has articles published in the Quarterly Journal of Economics, and American Economic Review.