Technology Adoption, Market Power, and the Dual Dynamics of Value Premium and Markups
主讲人：Xiaoji Lin（University of Minnesota）
主持老师：（北大经院）王熙
参与老师：（北大经院）王一鸣、刘蕴霆、王法
时间：2025年5月9日（周五） 10:00-11:30
地点（线下）：北京大学经济学院219会议室
报告摘要：
This paper examines how technology adoption and market power jointly explain two significant macroeconomic trends in recent decades: the decline of the value premium and the rise of markups. Empirically, we demonstrate that these trends are predominantly concentrated among high-markup firms, whereas both the value premium and markups remain stable for firms with low markups. To rationalize these patterns, we develop a dynamic monopolistic competition model with endogenous technology adoption and strategic interactions. Our analysis highlights that the observed trends—and their cross-sectional divergence between high- and low-markup firms—emerge from two critical mechanisms: (1) the rising efficiency of the aggregate technology frontier over time, and (2) firm heterogeneity in technology adoption decisions and demand elasticity. The model replicates the empirical dynamics of markups and the value premium, underscoring the interplay between technological evolution and market structure.
主讲人简介：
Dr. Xiaoji Lin is the US Bancorp Professor in Financial Markets and Institutions and a Professor of Finance at the Carlson School of Management, University of Minnesota. He is also a Fellow at the Asian Bureau of Finance and Economic Research (ABFER). Prior to joining Minnesota, Dr. Lin taught at the London School of Economics and Political Science and the Ohio State University. His research spans asset pricing, corporate finance, and macroeconomics, and his work has been published at prestigious academic journals including American Economic Review, Journal of Political Economy, Journal of Financial Economics, Journal of Monetary Economics, and Review of Financial Studies. Dr. Lin's doctoral thesis won the Trefftzs award at the 2008 Western Finance Association annual meetings. He is also the recipient of the Carlson School Outstanding Research Award (2021) and the International Research Excellence Award of China International Risk Forum (2022).
