2018年12月12日“商學大講堂“系列學術講座---丁浩員：Political Connection and Land Transaction Evidence from China’s Stock Market

講座題目：Political Connection and Land Transaction Evidence from China’s Stock Market

主講嘉賓：丁浩員

講座時間：2018年12月12日（星期三）14:30---16:30

講座地點：商學院116東方廳

歡迎感興趣的老師和同學參加！

商學院

2018年12月7日

主講嘉賓簡介

丁浩員，香港中文大學經濟學博士，上海市晨光學者，現任上海财經大學商學院院副教授、博士生導師，院長助理分管國際化工作。主要研究方向：公司金融、國際金融、中國經濟。發表國際頂級刊物如Journal of International Economics、Journal of Comparative Economics、Journal of International Money and Finance等文章10餘篇，主持國家自然科學基金項目及省部級項目3項。此外，還擔任Journal of International Economics, Journal of International Business Studies, Journal of Banking and Finance, Journal of International Money and Finance, Economics Letters等國際期刊的審稿工作。

講座主要内容

This paper investigates how political connection affects market response to the land transaction using a matched database of land transaction and Chinese listed companies. Our empirical results based on event study shows that land transactions by politically connected firms lead to negative short-run stock market performance. To deal with the endogeneity issue, using Xi’s anti-corruption campaign as a natural experiment, we employ a difference-in-difference approach and get consistent results. Finally, we show that the negative market response can be explained by uncertainty associated with corruption or investment and operation inefficiency due to land transaction by politically connected firms.