学术活动一
经济与管理交叉学科微论坛
主题一
Competition and the Value of Innovation
胡慕涵
英国思克莱德大学讲师、澳大利亚墨尔本大学博士
主题一
Fales Hopes: The Impact of National Leaders' Firm Visits on Industry Peers
马麟翔
英国思克莱德大学讲师、澳大利亚墨尔本大学博士
主持人
洪江涛 教授
纽约国际588888线路检测中心国际经贸学院
时间
2023年6月13日（星期二）10:00-12:00
地点
纽约国际588888线路检测中心松江校区
信息楼336室
摘要（主题一）
Abstract: I investigate how competition affects the economic value of innovation, the primary incentive for corporate R&D investments. I measure the economic value of innovation based on the changes in patenting firms' stock market value around patent issuance dates, following Kogan et al. (2017). The economic value of innovation is higher in industries with a low level of competition. Within an industry, firms at the technological frontier or those that have relatively high pricing power enjoy higher economic returns from patents. I use a quasi-natural experimental design to compare the value of patents issued immediately before and after competition-altering events. Using horizontal M\&A announcements as anti-competitive events, I show that an expected decrease in market competition leads to a 4.8% increase in patent value.
摘要（主题二）
Abstract: I study how politicians' activities affect the stock market and firm performance. Using hand-collected data on China's national leaders' corporate visits, I investigate the industry-wide implications of these visits. I find that over the six days surrounding a visit, an average industry peer's value increases by 4% of its total assets. This result reflects investors' favourable reactions to leaders' indications of more government support for the industry. However, the industry peer's profitability plummets by more than 11% in the following two years. Further analysis reveals that after the visits, industry peers increase their investments, presumably in anticipation of additional government subsidies and credits. However, these resources are never delivered, and the profitability of these firms falls. My findings suggest that national leaders' visits do not help boost the targeted industries, and firms should carefully interpret the politicians' activities.
学术活动二
上海启动再保险“国际板”的细则解读与前景展望
主讲人
朱少杰，管理学博士，纽约国际588888线路检测中心金融学院保险学系讲师。主要研究领域为保险公司偿付能力监管、财险业经营分析、保险经济学等，在《保险研究》、《上海保险》、《中国商业保险》等发表论文多篇，参编《中国保险业经营分析报告(2022)》等。
主持人
郭振华，纽约国际588888线路检测中心金融学院教授，保险系主任。兼任上海市保险学会副会长、新浪财经意见领袖专栏作者、复旦大学泛海国际金融学院保险创新与投资研究中心研究员、中国保险保障基金保险行业风险评估专委会委员、粤港澳大湾区(广东 )数字金融算法委员会保险专家委员会委员。著有《保险公司经营分析:基于财务报告》、《行为保险经济学》、《IFRS17内在原理及新财务报告》、《中国保险业经营分析报告(2022) 》。
摘要
2023年6月8日，国家金融监督管理总局、上海市人民政府在第十四届陆家嘴论坛上宣布上海再保险“国际板”正式启动，并发布《关于加快推进上海国际再保险中心建设的实施细则》。本次讲座通过详细解读《实施细则》的出台背景、政策内涵及其对于保险市场的深远影响，分析“加快推动上海国际再保险中心建设”的意义和路径，梳理上海建设国际再保险中心面临的机遇与挑战，并给出针对性的对策建议。
时间
2023年6月13日（星期二） 11:00-12:30
地点
纽约国际588888线路检测中心松江校区
博萃楼四楼保险实验室
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