-
首页
-
- 首页
- WORKSHOP预告
国际经济学workshop: The Role of Corporate Saving over the Business Cycle: Shock Absorber or Amplifier?
发布日期：2023-12-19 12:00 来源：
主讲人：高晓丹（中国人民大学商学院财务与金融系）
主持人：余昌华（北京大学国家发展研究院）
时间：2023年12月19日（周二）上午10:30-12:00（北京时间）
地点：承泽园249教室
摘要：
We document countercyclical corporate saving behavior with the degree of countercyclicality varying nonmonotonically with firm size. We then develop a dynamic stochastic general equilibrium model with heterogeneous firms to explain the observed patterns and study their implications for business cycles. In the presence of financial frictions and fixed operating costs, a persistent negative productivity shock signals low future income, and prompts firms to curtail investment and accumulate cash to ensure the continuity of their operations. This countercyclicality of cash saving exhibits a hump-shaped relation to firm size. Compared with medium-sized firms, small firms have a higher marginal product of capital and thus better investment opportunities which absorb resources from cash, while large firms have more pledgeable assets and demand less cash. The heterogeneity in saving motives determines the role of corporate cash over business cycles. In normal recessions when all firms are adversely impacted, corporate saving amplifies aggregate shocks.
主讲人介绍：
高晓丹，中国人民大学商学院财务与金融系副教授，英属哥伦比亚大学经济学博士。她的研究兴趣主要集中于公司金融和宏观经济学。研究论文发表于Review of Financial Studies, Management Science, Review of Economic Dynamics等国际顶级期刊。研究成果曾多次入选美国金融协会年会(AFA)，欧洲金融协会年会(EFA)，中国金融国际年会(CICF)等学术会议。其主持的研究项目获得国家自然科学基金外国优秀青年学者研究基金项目资助。曾担任Journal of Finance, Review of Financial Studies, JFQA, Management Science, Journal of Corporate Finance等期刊审稿人。
国家发展研究院官方微信
Copyright© 1994-2012 北京大学 国家发展研究院 版权所有, 京ICP备05065075号-1
保留所有权利，不经允许请勿挪用
-
首页
-
国际经济学workshop: The Role of Corporate Saving over the Business Cycle: Shock Absorber or Amplifier?
发布日期：2023-12-19 12:00 来源：
主讲人：高晓丹（中国人民大学商学院财务与金融系）
主持人：余昌华（北京大学国家发展研究院）
时间：2023年12月19日（周二）上午10:30-12:00（北京时间）
地点：承泽园249教室
摘要：
We document countercyclical corporate saving behavior with the degree of countercyclicality varying nonmonotonically with firm size. We then develop a dynamic stochastic general equilibrium model with heterogeneous firms to explain the observed patterns and study their implications for business cycles. In the presence of financial frictions and fixed operating costs, a persistent negative productivity shock signals low future income, and prompts firms to curtail investment and accumulate cash to ensure the continuity of their operations. This countercyclicality of cash saving exhibits a hump-shaped relation to firm size. Compared with medium-sized firms, small firms have a higher marginal product of capital and thus better investment opportunities which absorb resources from cash, while large firms have more pledgeable assets and demand less cash. The heterogeneity in saving motives determines the role of corporate cash over business cycles. In normal recessions when all firms are adversely impacted, corporate saving amplifies aggregate shocks.
主讲人介绍：
高晓丹，中国人民大学商学院财务与金融系副教授，英属哥伦比亚大学经济学博士。她的研究兴趣主要集中于公司金融和宏观经济学。研究论文发表于Review of Financial Studies, Management Science, Review of Economic Dynamics等国际顶级期刊。研究成果曾多次入选美国金融协会年会(AFA)，欧洲金融协会年会(EFA)，中国金融国际年会(CICF)等学术会议。其主持的研究项目获得国家自然科学基金外国优秀青年学者研究基金项目资助。曾担任Journal of Finance, Review of Financial Studies, JFQA, Management Science, Journal of Corporate Finance等期刊审稿人。
访问学者申请
EMAIL
北京大学
ENGLISH
