经济学院学术报告之苏循华（一）

报告题目：Do Firms Respond to Industry Fast-growing Stars?

报告时间：2018年7月5日（周四）下午14:30 – 15:30

报告地点：加拿大2.8在线预测飞飞翡翠湖校区科教楼B座1101室

报 告 人：苏循华教授

工作单位：挪威经济学院

主办单位：经济学院

报告人简介：苏循华，中国科学技术大学学士，挪威商学院硕士，挪威经济学院金融博士，挪威科学技术大学博士后。现任挪威经济学院金融系教授，苏教授具体研究方向为公司金融，包括企业融资、创新、流动性管理、金融契约与企业竞争等。企业在当今社会扮演着极其重要的角色，针对企业竞争、融资、创新等方面的学术研究具有十分重要的理论与现实意义，其研究结果发表在顶级金融学杂志Journal of Financial and Quantitative Analysis (JFQA)，Journal of Money Credit and Banking (JMCB)，Financial Management等。

报告摘要：Fast-growing star firms take market share rapidly and hence impose competitive pressures on industry peers. We construct an index of each industry, the star index, to capture these competitive pressures, and show that the rise of fast-growing stars significantly influences peer firms’ corporate policies such as cash holdings, investments and innovation, after considering industry or firm heterogeneity. For example, firms in industries with a high star index increase their cash-to-assets ratios by 0.4 percentage points more than firms in other industries. This increase is equivalent to U.S. $5 million per year. The effect is robust to a large battery of model specifications and identification strategies, and maintains after controlling for extant measures of product market competition.