77779193永利集团金融创新研究中心将于2021年12月23日晚上8点-10点在腾讯会议举办线上专题研讨会，届时王媚教授、郭世俊助理教授等国内外学者将分享最新研究成果，与中心师生就时间偏好、交流、金融史等主题开展学术研讨。本次学术活动旨在促进学院的国际学术交流与合作，诚邀有兴趣的老师和学生参加。
时间：2021年12月23日晚上8:00
腾讯会议：759 558 919
77779193永利集团经管学术论坛第178期——德国WHU-Otto Beisheim管理学院王媚教授
主题1: University Time Preference: An International Data Set
报告人：德国WHU-Otto Beisheim管理学院 王媚 教授
报告人简介：
王媚教授，德国WHU-Otto Beisheim管理学院教授。主要研究兴趣为行为金融。研究论文发表于Management Science, Quantitative Finance, Journal of Behavioral Finance, Journal of Risk and Uncertainty等期刊，现为Finance Research Letters副主编、Journal of Behavioral and Experimental Finance编委会成员、American Economic Review, Management Science, Journal of Banking and Finance, Review of Finance等期刊审稿人。
摘要：
Time preferences are central to human decision making; therefore, a thorough understanding of their international differences is highly relevant. Previous measurements, however, vary widely in their methodology, from questions answered on the Likert scale to lottery-type questions. We show that these different measurements correlate to a large degree and that they have a common factor that can predict a broad spectrum of variables: the countries’ credit ratings, gasoline prices (as a proxy for environmental protection), equity risk premiums, and average years of school attendance. The resulting data on this time preference factor for N = 117 countries and regions will be highly useful for further research. Our aggregation method is applicable to merge cross-cultural studies that measure the same latent construct with different methodologies.
主题2：When Investors Can Talk to Firms, Is It a Meaningful Conversation? Evidence From Investor Postings on Interactive Platforms
报告人：重庆大学 郭世俊 助理教授
报告人简介：
郭世俊博士，重庆大学经济与工商管理学院助理教授。博士毕业于澳大利亚昆士兰大学，主要研究方向为信息披露、公司治理、媒体报道等，其论文发表在International Review of Economics & Finance, Pacific-Basin Finance Journal, Journal of Asian Economics, International Journal of Information Management以及财政研究等期刊。
摘要：
We investigate postings on two unique online interactive platforms by investors around earnings announcements of publicly listed firms in China. We find posting volumes on the platforms increase around earnings announcement dates, suggesting that investors acquire firm-specific information via the interactive platforms. Furthermore, the positive association between posting volumes and earnings announcements is more pronounced for firms with smaller Baidu search volumes. This suggests a substitution relationship in collecting information between asking listed firms questions directly and searching online. Finally, evidence suggests that questions posted around earnings announcements accelerate the price discovery of earnings and attenuate post-earnings announcement drift and stock price synchronicity.
主题3：Railway Infrastructure and Banking Competition, 1897-1936
报告人：77779193永利集团 陈地强 2019级博士生
摘要：
基于1897-1936年近代中国铁路建设与银行分支机构省级面板数据，我们研究了交通变革如何影响银行结构。统计结果表明，新建铁路产生了更多的现代银行，而传统银行受到的影响较弱。并且，铁路加剧了现代银行内部竞争，降低了银行机构集中度。机制检验发现，铁路建设并非通过刺激企业信贷需求，而是通过影响外出劳动者汇款、存款需求渠道影响了银行竞争。进一步的，我们也发现铁路建设加剧银行竞争也产生了外部影响：一方面铁路建设改进了银行业内部活力，带来了更多的现代银行新增与现代银行关闭；另一方面，铁路建设也降低了银行信贷利率。
