应用金融Seminar 2020-07:彭俞超(中央财经大学)

2020.05.27

报告题目:Once bitten, twice shy: Board chair epidemic experience and corporate investment

报 告 人:彭俞超(中央财经大学)

报告时间:2020年6月19日(周五)14:00-15:30

报告地点:腾讯QQ群在线交流(群名:应用金融学术活动群;群号:1082658242)

主办单位:应用金融与行为科学学院

【报告人简介】

彭俞超,副教授,中央财经大学金融学院学术交流部主任,丝路金融研究中心执行主任,第三届全国金融青联委员。研究方向:中国宏观经济、公司金融。近年来,在《经济研究》、《世界经济》、《经济学(季刊)》、《金融研究》、《中国工业经济》、Journal of International Money and Finance、Pacific-Basin Finance Journal等国内外权威期刊发表论文40篇余篇。主持国家自然科学基金1项,参加各类国家级课题10余项。

【内容简介】

The coronavirus disease (COVID-19) has caused great damage to the world economy. Besides the short-term impact due to the lockdowns, epidemic can also change entrepreneurs’ risk attitude permanently, which will reduce corporate investment and thus slow the long-term economic growth. Based on a post-pandemic sample of 2003 SARS epidemic, which is caused by the same family of viruses as COVID-19 and results in similar lockdowns in China, we investigate the effect of board chair epidemic experience on corporate investment. We find board chair epidemic experience reduces corporate investment, and this impact is more pronounced in periods and provinces with more infectious disease cases or higher economic policy uncertainty. Moreover, our results indicate that board chair’s epidemic experience mostly comes from the operating distress of the firm he managed in 2003 and affects corporate investment by reducing corporate risk-taking actively. Several cross-sectional analyses and robustness tests are conducted. This paper proposes a new angle to understand the long-term economic consequences of epidemic, which has useful implications for COVID-19.