时间：2023年1月5日（星期四）8:05-11:20                        

会议号：腾讯会议：446 689 733

地点：人文楼M501报告厅

主办：华中农业大学

承办：经济管理学院  

报告人1：陈研硕 8:05-8:35

题目：从一次危机到下一次危机：家庭资产配置对宏观经济的影响

Bust to another Bust: The Macroeconomic Effects of Households Assets Allocation

摘要：本文对本世纪初美国房地产泡沫的产生提出新的解释。本文发现2000年互联网泡沫破裂导致美国家庭减少对股市投资，增加对房地产投资，进而助长了房地产市场泡沫。由于这次房地产泡沫最终导致了次贷危机以及全球金融危机，所以本文创造性的将全球金融危机与互联网泡沫破裂内在的联系在了一起。进而表明，一次危机可能为下一次危机播下种子。同时，本文的理论模型解释了股市如何影响楼市，回答了Robert J. Shiller在《非理性的繁荣》当中提出的问题，即为什么房价和股价时而正相关，时而负相关。

During the early 2000s, the U.S. witnessed the Dot-com bubble crash and the housing boom. In this study, I propose a new explanation of the origin of the housing boom: the household asset allocation view. I argue that after the Dom-com bubble crash, households invested more in houses and invested less in stocks, which pushes up housing prices. First, I find that a decline in the stock market participation during 2001-2003 driven by the dot-com bubble crash increases housing prices immediately and in the medium term. Then, I study the micro-foundation of this finding. I find that the decline in the stock market participation during 2001-2003 increased investor share in the housing market and the purchases of primary residences by the young. On the theoretical part, I show that stock participation affects housing prices through two channels: the wealth effect and the flow-of-funds effect. The model quantitatively shows that stock market participation explains about 18 % of the U.S. real housing price growth during 2000-2006. The household asset allocation view endogenously connects the Global Financial Crisis with the Dot.com bubble crash. It indicates that one crisis may bury some seeds for another crisis.

报告人2：曲晓睿 8:35-9:05

题目：宽带网速提升对美国农地价格的影响

The Impact of Broadband Internet Expansion on U.S. Farmland Sale Prices

摘要：通过降低农场投入成本和减少信息不对称，宽带可以提高农场的盈利能力。本研究收集了美国联邦通信委员会（FCC）的宽带使用和网速数据以及FarmlandFinder公司超过两万多条的实时农地交易数据，运用Bartik (shift-share) IV的方法，发现宽带网速提升1Mbps, 农地交易价格增加0.9%。Rotemberg weights分析强调了卫星网络对农地价格的影响。另外，我们对于Bartik IV方法中基于宽带技术份额的外生性假设的合理性做了多重验证，结果证明Bartik IV 有效地解决了宽带速度对农地价格影响中的内生性问题。

By reducing input costs and eliminating information asymmetries, broadband can increase farm profitability. Despite the increased focus on broadband internet as a key component of digital infrastructure, U.S. rural areas still have limited access to broadband. The farmland value of U.S. Connected rural households, especially those with higher speeds, may experience a premium. This study uses more than 20,000 parcel-level farmland sales data from FarmlandFinder to examine the effects of broadband internet expansion on farmland sale prices in the U.S. Midwest from 2016 to 2020. Using the Bartik instrument (shift-share design), we overcome the empirical challenge of endogeneity in broadband adoption. Our estimation results indicate that an increase in broadband internet download speed by 1 Megabits-per-second (Mbps) increases farmland sale prices by 0.9%. In addition, if the growth rate of the download speed increased by one percentage point, the growth rate of farmland value would increase by 0.734 percentage point. The Rotemberg weights analysis highlights the significance of satellite technology to the Bartik instrument. Two tests demonstrate the plausibility of the identifying assumptions for the exogeneity of technology shares and alleviate misspecification concerns.

报告人3：杨瑶 9:05-9:35

题目：使用多元分位数方法分析“火箭与羽毛”模式：基于大豆，豆油，和豆粕的应用

Testing Rockets and Feathers Patterns with a Multivariate Quantile Approach: An Application to the Soybean Complex

摘要：产出品市场对投入品价格变化的反应通常是不对称的。（产出品）价格上涨的速度比下跌的速度快，这一现象被称为“火箭与羽毛”模式。我们通过纳入分位数协整关系来扩展VARQ模型，以研究在条件分位数下的（价格）不对称模式，并将其应用于分析大豆和其主要压榨产品--豆粕和豆油。我们研究发现不同市场条件将导致不同的价格不对称模式。具体而言，本文确认了火箭与羽毛模式出现于价格分布的极端分位数上，即该模式出现于任一产出品自身价格处于强势而其他（共同产出品）价格处于弱势。

Abstract：Output markets usually respond to input price changes asymmetrically, with prices rising faster than they fall, known as the rockets and feathers pattern. We expand the vector autoregressive quantile (VARQ) model by incorporating quantile cointegrating relationships to investigate such asymmetric pattern in conditional quantiles, with an application to two soybean end products, soybean meal and oil, that are jointly produced by crushing soybeans. Our study finds mixed evidence of price asymmetries, driven by different market conditions of end products. Specifically, the prices of end products respond more to input price increases rather than decreases when their own market is bullish but the other product’s market is bearish, conforming the rockets and feathers pattern at the extreme deciles of the price distributions.

报告人4：张力派 9:35-10:05

题目：城市数字化发展对企业环保投资的影响研究——基于外部监督视角

Investigating the effect of urban digital development on corporate environmental investment——based on external monitoring activities

摘要：环境污染是经济建设的“副产品”，具有显著负外部性。根据“谁污染，谁负责”和“谁开发，谁治理”的原则，企业本应积极参与环境活动，履行环保责任；但由于环保投资不属于经济性投资，企业往往缺乏充足意愿。本文立足“数字赋能”视角，考察数字要素对企业环保投资行为的影响。研究发现，城市数字化发展通过为传统环境监督机制融入技术要素，可优化相应政府规制、公众监督流程，缓解传统监管模式的信息不对称，从压力端促使企业提高环保投资，实现合法性认同。

Environmental pollution is a by-product of economic construction and has significant negative externalities. According to the principles of "whoever pollutes, whoever is responsible" and "whoever develops, whoever controls", enterprises should actively participate in environmental activities and fulfill their environmental responsibility. But as environmental protection investment does not belong to economic investment, enterprises often lack sufficient willingness. Based on the "digital empowerment" perspective, this paper examines the impact of digital factors on enterprises' environmental investment behavior. It is found that by integrating technical elements into the traditional environmental supervision mechanism, the urban digital development can optimize the corresponding government regulation and public supervision process, alleviate the information asymmetry of the traditional supervision mode, promote enterprises to improve environmental protection investment from the pressure end, and realize the legitimacy recognition.

报告人5：丁校洁 10:20-10:50

题目：数字化平台内容的经济价值研究

Research on the Economic Value of Digital Platform Content

摘要：随着互联网和信息技术的高速发展，社交媒体上涌现了大量的消费者评论。这类在线消费者评论对于体验型产品来说，在降低购买决策过程中的不确定性和感知到的风险上有重要作用。以往很多实证文章也发现了在线消费者评论对产品销量和企业绩效有显著的影响。但是我们认为研究从理论和实际上都还不够充分。本次汇报从实际视角和理论视角出发，探究不同声誉水平的企业以及品牌与非品牌企业之间的消费者评论的影响差异。

With the rapid development of the Internet and information technology, a large number of consumer reviews have emerged on social media. Such online consumer reviews play an important role in reducing uncertainty and perceived risk in the purchase decision process for experienced products. Many previous empirical articles have found that online consumer reviews have significant impacts on product sales and business performance. However, the research is not enough theoretically and practically. From practical and theoretical perspectives, this report explores the heterogeneity in the influence of consumer reviews between firms with different reputation levels and between branded and non-branded firms.

报告人6：马滔 10:50-11:20

题目：隐私保护决策、定价机制与社会福利分析

Data privacy protection, pricing mechanism and social welfare analysis

摘要：数据泄露的不可逆性与难修复性，使提升产品隐私保护水平成为企业取得竞争优势的重要途径。通过将产品隐私保护维度纳入经典的Hotelling模型，构建一个质量不对称情境下的双寡头企业多维度竞争框架，考察企业的隐私保护决策、定价机制与社会福利。研究发现，高质量企业总会选择更高的隐私保护水平，并制定更高的产品价格以获取更高的收益。用户隐私关注和信息安全成本将直接影响企业的隐私保护水平、定价与收益，而产品质量差异大小对其影响方向起到一定的调节作用；有悖于常识，当产品质量差异较大时，低质量企业的隐私保护水平和定价，均与用户隐私关注负向相关，与信息安全成本正向相关；同时，只有当产品质量差异较大时，高质量企业的收益会与用户隐私关注正向相关，与信息安全成本负向相关。最后，政策制定者提升用户隐私关注的教育投入与降低企业信息安全成本的举措，尽管对不同质量企业存在效应差异，却有利于提升社会总福利。

The irreversibility and irreparability of data leakage make it an important way for enterprises to improve the level of product privacy protection. By incorporating the dimension of privacy protection into the classical Hotelling model, this paper constructs a multi-dimensional competition framework of duopoly enterprises under quality asymmetry to investigate the privacy protection decision-making and pricing strategy of enterprises. The study found that high-quality enterprises always choose a higher level of privacy protection and set higher product prices to obtain higher benefits. User privacy concerns and information security costs will directly affect the level of privacy protection, pricing and revenue of enterprises, and product quality differences play a regulatory role in its impact direction; Contrary to common sense, when the product quality varies greatly, the privacy protection level of low-quality enterprises is negatively correlated with user privacy concerns and positively correlated with information security cost; At the same time, only when the product quality difference is large, the profit of high-quality enterprises will be positively correlated with user privacy concerns and negatively correlated with information security cost. Finally, the government's measures to strengthen user privacy, pay attention to education investment and reduce the cost of enterprise information security, although there are different effects on different quality enterprises, it is conducive to improving the overall social welfare.