主講人：何治國，芝加哥大學布斯商學院副教授

日期：2014年9月10日（周三）

時間：下午1:30-3:00

地點：清華Betvictor中文版4号樓101教室

語言：英文

主題1：影子銀行

主要探讨對中國影子銀行問題的初步研究成果

主題2：低效率的投資波動（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.

主講人簡介:

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.