北大经院工作坊第952场
Transportation Network and Market Integration: Evidence from China
国际经济学与实证产业组织工作坊
主讲人：李晟昱（新南威尔士大学高级讲师）
主持人：（北大经院）莫家伟
参与老师：
（北大经院）杨汝岱、田巍、刘政文、吴群锋
（北大新结构）王歆、徐铭梽
（北大国发院）薛思帆
时间：2024年10月17日（周四）10：00-11：30
地点：北京大学经济学院305会议室
主讲人简介：
Shengyu Li obtained his PhD in Economics at The Pennsylvania State University in 2014. Before he joined in UNSW in 2018, he was a Lecturer in Economics in University of Durham, UK. Shengyu’s research interests lie in the intersection of Industrial Organization and International Trade, with a special focus on firm heterogeneity in productivity and input prices and their implications in trade participation, resource allocation and industry dynamics. His research agenda involves estimation of firm decisions using static or dynamic structural models with micro data. His work published in RAND Journal of Economics, Economic Journal, Journal of International Economics, International Economic Review, European Economic Review, International Journal of Industrial Organization.
摘要：
This paper examines the impact of China's expressway expansion between 1998 and 2007 on market integration and firm performance within the manufacturing sector. The rapid expansion of the transportation network significantly enhanced market connectivity, improving firms' access to both input and output markets and intensifying competition. We explore how individual firms are influenced by these changes in terms of productivity, intermediate input prices, and market power by developing a new approach to estimate these measures at the firm level. Our findings reveal that the expansion of the transportation network significantly improved firm centrality, leading to enhanced market access and increased competition. Improved upstream market access reduced input prices and raised markups, while better downstream access boosted productivity. Although increased competition exerted countervailing pressures, the effects of market access dominated. In addition, lower-performing firms, particularly those with lower productivity, higher input prices, and lower markups, benefited more from the network improvement, and consequently leads to regional convergence.
北大经院工作坊第953场
Sentiment and asset price dynamics under keeping up with the Joneses
风险、保险与不确定性经济学工作坊
主讲人：XUE-ZHONG (TONY) HE（西安交通大学教授）
主持人：
（清华经管）冯润桓
（北大经院）贾若
（人大财金）陈泽
参与老师：
（北大经院）郑伟
（人大财金）魏丽
时间：2024年10月17日（周四）14：00-15：30
形式：腾讯会议
会议号：353 601 942
地点：清华大学经济管理学院李华楼331
主讲人简介：
Prof Xuezhong (Tony) joined the Department of Finance as a Professor in Finance in 2022. Before joining XJTLU, Tony was a Professor of Finance at the University of Technology Sydney (UTS) from 2010 to 2021. Before that, he worked at the University of Sydney and UTS as a Lecturer, Senior Lecturer, and Associate Professor. In addition, he has been a Co-Editor of the Journal of Economic Dynamics and Control (an ABDC A* journal) for 10 years (2013-2022), a Senior Editor, Department Editor, Associate Editor, and Guest Editor for several other journals. In 2023, Tony was awarded as a Distinguished Foreign Expert ( 杰出国际型学科领军人才)-Dushuhu Science and Technology Innovation District Administration, Suzhou Industrial Park.
Tony is an internationally recognized expert in asset pricing, financial market modeling, market microstructure, financial economics, and nonlinear dynamics in finance and economics. His international research profile is attested by his publications in the field of finance and economics, invited contributions to the prestigious Handbook of Financial Markets and Handbook of Computational Economics, numerous keynote talks at international conferences, and many competitively Australian and Chinese research grants (in a total of AUD$2 million, including four Australian Research Council Discovery (ARC) Project Grants, one ARC Linkage Project, and a total of RMB7.6 million three grants in National Natural Science Foundation of China).
Regarding research impact, RePEc (Research Papers in Economics) Ranking puts Tony in the Top 3% in Asia and China. He has published one book, 15 chapters, and more than 60 journal papers. His publications have been highly cited (more than 3,600 times in Scopus and 6,000 times in Google Scholar). Tony is Highly Cited Chinese Researcher of 2022-2023 by Elsevier for contributions to Applied Economics.
Tony received his Ph.D. in Finance in 2001 from UTS and Ph.D. in Applied Mathematics in 1995 from Flinders University in Australia, the two fundamental disciplines underpinning his teaching and research areas. His teaching included asset pricing, portfolio theory, investment, international finance, and derivatives.
摘要：
We develop a closed-form approach to examine the joint effect of “keep-ing up with the Joneses” (KUJ) preferences and time-varying sentiment of heteroge- neous beliefs on equilibrium asset price dynamics in a two-agent economy. We show that, due to KUJ, sentiment continues to have a significant effect on equilibrium as- set price, though the sentiment-driven agent does not survive in the long run. When agents are pessimism on average, the model is able to generate countercyclical equity premiums, procyclical and concave price-dividend ratios, excess and countercyclical stock volatility similar to those observed in the U.S. equity market. In particular, an average of 0.7% (p.a.) underestimation of the expected GDP growth based on the Survey of Professional Forecasts can explain about half of market equity premium. Moreover, the term structure of real interest rates is upward (downward) sloping when the short rate is relatively low (high).
第173次北大赛瑟（CCISSR）双周讨论会
保险公司的防灾防损与风险管理
主讲人：安思（中国保险资产管理业协会创新发展部总监助理）
主持人：朱南军（北京大学经济学院教授）
时间：2024年10月17日（周四）18：40-20：20
地点：北京大学理科教学楼315室
主讲人简介：
安思，现任中国保险资产管理业协会创新发展部总监助理，主要负责保险资产管理产品的注册登记、风险监测、业务创新等。
安思具有法律职业资格证书，曾在保险机构、律师事务所任职，从事保险资金另类投资相关业务，并曾借调至原银保监会工作，期间参与了《保险资产管理产品管理暂行办法》及相关配套监管规则的制定。在协会工作期间，主导完成了债权投资计划等产品的登记制改革，制定产品登记规范，统一产品登记业务标准，健全优化产品全流程管理机制，对保险资产管理业务有较为深入的理解和研究。
摘要：
近年来，在大资管市场生态和竞争的格局中，保险资管行业逐渐找准定位充分并发挥保险资金在国家经济、金融体系中的独特的价值、作用，保险资金运用保持了稳中有进，稳中向好的良好态势，行业的内生发展动力稳步增强，创新推动支撑作用不断增强。本次研讨以保险资产管理中的另类投资为切入点，通过系统梳理业务发展历程，结合保险资金运用特点、深入介绍保险资金另类投资主要形式、业务特点，辅之以具体案例，从而反映出保险资金在服务实体经济高质量发展中的积极作用。
主办单位：
北京大学中国保险与社会保障研究中心
北京大学经济学院风险管理与保险学系
北大经院工作坊第954场
Is Renewable Energy A Curse or Blessing? Evidence from Solar Power（可再生能源是“资源诅咒”还是“资源祝福”？— 来自光伏发电的证据）
生态、环境与气候变化经济学工作坊
主讲人：徐上（中国人民大学生态环境学院副教授）
主持人：（北大经院）季曦
时间：2024年10月18日（周五）10:00-12:00
地点： 北京大学经济学院305会议室
主讲人简介：
徐上，中国人民大学生态环境学院副教授，博士毕业于美国俄亥俄州立大学。主要研究方向为发展中国家生态环境政策对个体行为的影响及其福利启示。已有研究成果发表于American Journal of Agricultural Economics、Resource and Energy Economics、Energy Economics等期刊。
摘要：
Employing a spatial equilibrium model and exploiting staggered solar farm installations across Chinese counties, this study reveals that solar energy development reduces local GDP per capita by an average of 2.7%. This negative effect, primarily from competition for high-value land, is more pronounced in counties with high land opportunity costs. We observe a 2% increase in the local population despite lower wages and higher housing costs, implying improvements in local amenities. Our findings emphasize the importance of incorporating land use dynamics in solar farm siting decisions to optimize economic and welfare outcomes.
供稿：科研与博士后办公室
美编：初夏
责编：度量、雨禾、雨田
