讲座题目：Political Connection and Land Transaction Evidence from China’s Stock Market

主讲嘉宾：丁浩员

讲座时间：2018年12月12日（星期三）14:30-16:30

讲座地点：商学院116东方厅

欢迎感兴趣的老师和同学参加！

主讲嘉宾简介

丁浩员，香港中文大学经济学博士，上海市晨光学者，现任上海财经大学商学院副教授、博士生导师，院长助理分管国际化工作。主要研究方向：公司金融、国际金融、中国经济。发表国际顶级刊物如Journal of International Economics、Journal of Comparative Economics、Journal of International Money and Finance等文章10余篇，主持国家自然科学基金项目及省部级项目3项。此外，还担任Journal of International Economics, Journal of International Business Studies, Journal of Banking and Finance, Journal of International Money and Finance, Economics Letters等国际期刊的审稿工作。

讲座主要内容

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.