新葡的京集团8814与北京大学-新葡的京集团8814新结构经济学研究中心联合举办 Summer Finance Workshop, 2024

一、议程（Schedule）

时间 (Time)：2024/6/9（星期日）

场地 (Venue)：文澴楼711会议室

论坛联系人：荣昭

注: 每篇论文共计1小时（报告45分钟，讨论15分钟）

二、报告人及文章摘要

1. 姚文雄

个人简介：

姚文雄，美国佐治亚州立大学（Georgia State University）J. Mack Robinson 商学院AREA讲席教授、房地产系教授、金融系教授和房地产中心主任。同时，担任亚特兰大联邦储备银行高级研究员和香港金融管理局研究员，并在多所大学担任客座教授。研究领域为家庭金融、房地产金融和住房政策。研究成果在American Economic Review， Econometrica，Journal of Finance，Journal of Financial Economics，Management Science，the Review of Financial Studies和Journal of Urban Economic等国际顶级学术刊物发表。

题目：

Surviving the FinTech Disruption

摘要：

This study explores the impact of fintech using a novel occupation-level fintech exposure measure. Occupations with high fintech exposure experience a net decline in job postings, employment, and wages, but complementary and substitutive effects are both present in the cross section. Fintech blurs the sector boundaries, and workers with finance-and-technology combination skills are sought after no matter where they are currently employed. Firms respond to the shock by adjusting hiring strategies, reallocating talent internally, and pivoting innovations to new areas, with a resulting impact not nearly as negative as on workers. Innovative firms even gain in employment, sales, and productivity.

2. 孙杨帆

个人简介：

孙扬帆，新葡的京集团8814副教授。研究领域为家庭金融和银行。曾在国际货币基金组织担任助理研究员。研究成果发表于Journal of Financial Economics和Journal of Banking and Finance等国际顶尖学术期刊。

题目：

From Fines to Credit Lines: Regulatory Uncertainty and Bank Lending

摘要：

We trace the impact of unprecedented lawsuits by the U.S. against banks for loan misrepresentation in a specific mortgage market segment. A triple-difference approach shows that banks reduced direct lending in that segment but increased their indirect participation through mortgage companies. Controlling for borrower-time fixed effects, banks increased wholesale funding to mortgage companies. The aggregate effect on credit was negative, and the median income of borrowers increased only in that segment. This study provides the first direct evidence of banks actively participating in the migration of lending to the shadow banking sector in response to regulatory action.

3.杨柳

个人简介：

杨柳，武汉大学经济学博士，华中师范大学经济与工商管理学院教授，博士生导师，阿姆斯特丹大学和新加坡南洋理工大学访问学者，华中师范大学经济与工商管理学院金融工程系主任，金融工程研究中心副主任、金融硕士专业学位学科负责人、金融硕士专业学位研究生培养指导委员会副主任。目前已出版专著2部，参编教材4部，在Pacific-Basin Finance Journal、《经济学（季刊）》、《数量经济技术经济研究》、《管理评论》、《国际金融研究》等期刊上发表发表学术论文近40篇。主持2项国家自然科学基金项目，1项国家社会科学基金项目，1项国家教育部人文社会科学项目。曾获湖北省社会科学优秀成果三等奖、湖北省优秀调研成果奖三等奖、金融图书“金羊奖”、武汉市社会科学优秀成果奖、中国金融学年会优秀论文二等奖等。20余份调研报告分别获得国务院、湖北省政府、人民银行总行、武汉市政府，湖北省省委以及湖北省宣传部采纳，并得到湖北省省长和武汉市委书记、武汉市市长肯定性批复。

题目：

环境权益交易市场与重污染企业的融资可得性——基于银行信用—商业信用替代的视角

摘要：

以我国11个二氧化硫排放权交易试点为准自然实验，本文以2002-2012年A股重污染企业为研究对象，构建双重差分法（DID）探究环境权益交易试点政策与重污染企业融资可得性的关系及其影响机理。研究发现，排污权交易政策的实施进一步提高了银行体系对重污染企业的"污染源歧视"，企业的长短期银行信贷均显著下降。另一方面，排污权交易政策显著提高了重污染企业的商业信用可得性，并有效推动了企业的绿色转型。企业内部经营和外部市场化程度对上述结果存在异质性的调节作用。机制分析表明，环境权益交易政策的在金融市场上发挥的信号效应和信息披露质量提升作用不足以消除银行风险承担的下降，但在产品市场上通过稳定企业经营强化了供应链集中度和稳定度，强化了企业商业信用可得性。本文结论丰富了环境权益交易经济后果研究，为从政策层面大力推进转型金融，与绿色金融形成优势互补，提供了重要的经验支撑。

4.荣昭

个人简介：

荣昭，新葡的京集团8814教授、博导。历任西南财经大学、南京审计大学副教授。研究领域包括企业创新、公司金融和人口流动。于《Research Policy》、《Small Business Economics》、《Journal of Comparative Economics》、《China Economic Review》、《European Financial Management》、《Pacific-Basin Finance Journal》、《Journal of Housing Economics》、《管理世界》、《经济学季刊》、《金融研究》、《科研管理》等国内外知名经济、金融、管理类SSCI、SCI学术期刊发表论文30余篇。

题目：

How Does Digital Financial Product Penetration Influence Households’ Participation in Bank Financial Products? Evidence from China

摘要：

Effective financial asset allocation is crucial for the growth of household income and wealth accumulation. However, financial exclusion can significantly limit household participation in financial markets. Utilizing data from five waves of the China Household Finance Survey (CHFS) from 2011 to 2019, this study provides direct evidence from the demand side on how the availability of digital-financial-platform (DFP) products influences household participation in bank-wealth-management (BWM) products. The findings indicate that the proliferation of DFP products significantly increases the likelihood of households holding BWM products, with this effect being more pronounced in regions with lower bank competition. Heterogeneity analysis reveals that households with higher financial information awareness, financial literacy, and educational levels experience a greater impact, highlighting the importance of demand-side characteristics in this process. This study offers a new perspective on improving limited household financial market participation in the context of the digital economy and provides important theoretical insights into the relationship between digital finance and traditional finance in China.

5.杨子超

个人简介：

杨子超，新葡的京集团8814年薪制副教授。主要研究方向为数字货币，央行对外沟通。在Journal of Empirical Finance、 Journal of International Financial Markets, Institutions and Money、 Economics Letters等期刊发表论文。担任Journal of Economic Behavior and Organization、Economic Modeling、Contemporary Economic Policy等学术期刊匿名审稿人。

题目：

Agree to Disagree: Measuring Hidden Dissents in FOMC Meetings

摘要：

Based on a record of dissents on FOMC votes and transcripts of the meetings from 1976 to 2017, we develop a deep learning model based on self-attention mechanism to create a measure of disagreement for members in each meeting. While dissents are rare, we find that members often have reservations with the policy decision, and the level of disagreement is mostly driven by current or predicted macroeconomic data. Using our model to evaluate speeches made by members between meetings, we find that the informational content of speeches is low if we can only compare them to speeches made by the chair. Disagreement strongly correlates with data from the Summary of Economic Projections and a measure of monetary policy sub-optimality, suggesting that disagreement is driven by both members' different preferences and their different views about the future.