喻园管理论坛2023年第81期(总第904期)

演讲主题: Who Leads and Who Follows? The Cross-Border Peer Effect in Investment by Chinese and US Firms

主 讲 人: 曹夏平，香港恒生大学教授

主 持 人: 李安泰，计算金融系讲师

活动时间: 2023年11月2日（周四）10:00-11:30

活动地点: 管理大楼107室

主讲人简介：

曹夏平，香港恒生大学金融教授，金融科技方向首席专家，ESG研究中心副主任，中国事务总监，获波士顿学院金融学博士学位，兼职从事香港教育协会首席顾问，新加坡绿色科技企业首席顾问，纳斯达克上市企业独立董事等重要工作。主要研究领域为金融科技，ESG，科技创新等问题，近年来已在Journal of Financial Economics、Management Science、Journal of Financial and Quantitative Analysis、Journal of Corporate Finance、Journal of Business Ethic等重要学术刊物上发表论文数篇，并担任Economic Modelling期刊副主编、Journal of Banking and Finance、Journal of Financial Economics、Journal of Corporate Finance、Review of Finance、Journal of Finance等多本学术期刊的客座评审。研究成果已被Business Week、Wall Street Journal、Financial Times等引用和报道。

活动简介：

We document a cross-border peer effect in corporate investment across two key economies, China and the US. Results show that investment by Chinese firms lags US peers without feedback in the other direction. This association is stronger for Chinese firms in manufacturing, with innovative US peers, or experiencing trade pressure, and is robust to diagnostic tests using trade, competitive, and business cycle conditions. Furthermore, Chinese firms respond to domestic competition by learning from US peers. Information acquisition and managerial career concerns partly explain the peer effect. Our work illustrates how decision-makers in China's rapidly-growing economy have learned from foreign peers.