韦德体育bevictor名家論壇第二期 | 楊立岩：Market Feedback: Evidence from the Horse's Mouth

主講嘉賓：

楊立岩，多倫多大學羅特曼商學院金融學教授，Peter L. Mitchelson / SIT Investment講席教授

嘉賓簡介：

楊立岩教授于2010年獲得康奈爾大學經濟學博士學位。其主要研究領域為金融市場、資産定價和行為金融。楊立岩教授目前擔任Journal of Financial Markets和Journal of Dynamic and Economic Control的聯合主編(co-editor)，同時擔任Journal of Economic Theory 和Management Science的副主編（Associate Editor）。曾經擔任Journal of Finance, Journal of Financial Markets和Journal of Dynamic and Economic Control的副主編。其學術成果發表在衆多國際學術期刊，如 Journal of Economic Theory, Journal of Financial Economics, Journal of Finance, Review of Financial Studies,《經濟研究》等。其學術研究獲得衆多科研獎項，例如the 2023 Bank of Canada’s Fellowship Award, 2016 JFQA William F. Sharpe Award for Scholarship in Financial Research, the 2016 Bank of Canada’s Governor’s Award, 2015 Roger Martin Award for Excellence in Research等。

時間：2023年6月30日（周五）上午10:00-11:30

地點：學院南路校區學術會堂702

講座題目：Market Feedback: Evidence from the Horse's Mouth

文章簡介：We surveyed all Chinese public firms in 2019 and 2022 to examine the real effects of financial markets. The response rates were close to 100%. More than 90% of firms reported that they monitor the stock market for the purposes of learning information to guide real investment decisions and of accessing external financing. These findings provide direct evidence for the wide existence of market feedback through a learning channel and a financing channel. We analyze firms’ responses and how they relate to firm characteristics and actions, and provide direct evidence about what information firms learn from the stock prices. We also show what firms do is highly consistent with what they report by exploring their actions on trading suspensions. Overall, our analysis suggests that financial markets are not only a side show, but instead, do affect the real economy.