题目：Kim’s Shock: Geopolitical Crisis and Corporate Investment

　　报告人：薛畅，香港中文大学，博士生

　　时间：2019年5月31日(周五) 9:30 ～ 11:00

　　地点：经管院B251

　　报告摘要：

　　Geopolitics, determined by bilateral or multinational relations, is an important source of political uncertainty for each country. This study examines whether and how six nuclear tests by North Korea, as exogenous shocks increasing geopolitical uncertainty, affects Chinese listed firms’ investment by using difference-in-differences that the distance from the nuclear site is employed as their exposure to the shock. We find that firms closer to nuclear site would significantly decrease the investment in the quarter following a nuclear boom, while missile tests by North Korea do not matter. Such effects of nuclear tests are weakened for state-owned firms, especially for central state-owned firms. Also, we find that firms of more redeployability and of externally financial dependence are more vulnerable to the uncertainty resulted from nuclear booms and the growth of banking credit, measured by the data across prefectures, has been significantly impeded after a boom.

　　报告人简介：

　　薛畅是香港中文大学经济系博士生，此前分别于2012年和2014年于中国人民大学财政金融学院获得金融学专业本科和硕士学位，即将就职于999策略白菜手机论坛经济管理学院任助理教授。他的主要研究领域为公司金融、金融经济学及发展经济学，曾在Review of Finance, China Economic Review和《经济研究》等中英文刊物发表论文。