主题：Market Feedback: Evidence from the Horse's Mouth
报告人：杨立岩，多伦多大学罗特曼商学院金融学教授，Peter L. Mitchelson / SIT Investment讲席教授
摘要：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.
报告人简介：杨立岩教授于2010年获得康奈尔大学经济学博士学位。其主要研究领域为金融市场、资产定价和行为金融。杨立岩教授目前担任Journal of Financial Markets和Journal of Dynamic and Economic Control的联合主编(co-editor)，同时担任Journal of Economic Theory和Management Science的副主编（Associate Editor）。曾经担任Journal of Finance, Journal of Financial Markets和Journal of Dynamic and Economic Control的副主编。其学术成果发表在众多国际学术期刊，如Journal of Economic Theory, Journal of Financial Economics, Journal of Finance, Review of Financial Studies,《经济研究》等。其学术研究获得众多科研奖项，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。