金融与财务学系系列讲座之289期

时   间：2023年10月24日（周二）14:30-16:00

地   点：史带楼604室

主   题：Capital Reallocation and Firm-Level Productivity Under Political Uncertainty

演讲者：Melanie Cao 教授, York University

摘   要：Does policy uncertainty affect productivity? Policy uncertainty creates delays as firms await new information about prices, costs, and other market conditions before committing resources. Such delays can have real consequences on firms’ productivity and corporate decisions. First, we find that economic policy uncertainty has a negative impact on firm-level productivity. Second, policy uncertainty is positively related to cash holdings, but this effect is mostly driven by highly productive firms and by firms with higher levels of irreversible investments since these firms face higher opportunity costs in future states. Third, debt magnifies the adverse effects of policy uncertainty on productivity, but access to external financing during periods of significant policy uncertainty shocks has a positive impact on firm-level productivity. The three findings are robust to various specifications and provide an affirmative answer to the opening question.

简   介：Melanie Cao is the Professor of Finance at Schulich School of Business, York University. Her research interests include equilibrium asset pricing, derivatives valuation, financial market liquidity, corporate finance concerning bank loan, initial public offering and executive compensation. Her studies have been published in the Journal of Finance, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Futures Market, among other journals. She also serves as associate editor of the Journal of Financial Risk Management and editor of Journal of Risk and Control.

金融与财务系

2023-10-23