时间：10月28日 10:00-11:30

地点：中欧平台武东路校区114

摘要：We use China's recent anti-corruption campaign as a natural experiment to examine the (market expected) equilibrium consequences of strong anti-corruption actions on firms. We first present a simple conceptual framework to illustrate the mechanisms. Using an event study approach and the announcement of anti-corruption inspection to be conducted by the Central Commission for Discipline Inspection (CCDI) as the event date, we find that, overall, the stock market responded positively to the announcement of strong anti-corruption actions. Consistent with a demand-channel, the announcement returns are significantly lower for luxury-goods producers. In addition, SOEs, large firms, or politically-connected firms earn lower returns than private, small, or non-connected firms. Existing local institutions also play a crucial role in determining the announcement returns across firms. Finally, we also find that anti-corruption has long-term positive effects on existing firms’ investment and entry of new firms.

演讲者简介：林曙，经济学博士。现任香港中文大学经济系副教授、上海国际金融与经济研究院特聘研究员。主要研究领域为国际金融、货币政策和中国经济。在Review of Financial Studies, Journal of Monetary Economics, Review of Economics and Statistics, Journal of International Economics, Journal of Development Economics等期刊发表论文多篇。林曙教授是孙冶方金融创新奖和浦山世界经济学学术研究奖获得者并担任China & World Economy共同主编和《经济学报》副主编。