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2022-2023学年“龙马之星”博士生论坛(第六期)

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发布时间:2023-03-17
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时间:2023323日(周四) 地点:腾讯会议

论文报告

主持人:孙健教授(金沙威尼斯欢乐娱人城副院长)

时间:9:00-10:00

报告1:Manager Letters: Voluntary Disclosure in Response to The Covid-19 Pandemic

报告人:刘璐(新加坡南洋理工大学)

摘要:I study a novel and popular type of voluntary disclosure: manager letters. Since early 2020, about 50% of S&P 500 managers have issued letters in response to the COVID-19 pandemic. I hand-collect a sample of manager letters issued by S&P 500 firms, and study the contents, linguistic features, determinants, and consequences of the letters. I find that the issuance of the letter is positively related to investors' information demand. Issuing firms experience downward forecast revisions and their managers tend to discuss COVID-19 risks in subsequent earning calls, compared to non-issuing firms. However, issuing firms enjoy lower subsequent crash risk. Overall, my results suggest that firms use manager letters to inform investors their exposure to the pandemic. While the disclosure reduces the market's earnings expectations, it helps to minimize the firm's long-term crash risk.

时间:10:00-11:00

报告2:结构性货币政策与公司资本投资——基于中期借贷便利的经验证据

报告人:刘晓玲(厦门大学)

摘要:中国结构性货币政策旨在通过向银行投放基础货币,引导信贷资源流向实体经济以刺激总体需求和经济增长。本文考察中期借贷便利通过银行信贷供给渠道对公司资本投资决策的影响。双重差分的研究结果表明在中国人民银行创设中期借贷便利之后,受政策影响较大公司的总投资和净投资水平大幅提高。渠道检验表明在中期借贷便利实施之后,受政策影响更大的商业银行的信贷供给显著增加,进而转换为这些银行借款公司的新增固定资产投资。进一步研究表明二者之间的关系主要存在于高融资约束、低产品市场地位以及投资机会较好的企业组中。并且,本文发现中期借贷便利对资本投资的促进效应能够显著提高公司的产品市场份额。最后,本文还发现中期借贷便利对城市总体固定资产投资也具有显著的促进作用。本文聚焦于公司资本投资决策这一对促进总体需求和经济增长至关重要的关键性问题,对于深入理解结构性货币政策的有效性和可行性具有重要的理论和现实意义。