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数字金融Workshop：The cost of capital market distortions: evidence from IPO locational choices
发布日期：2024-03-06 12:00 来源：
2024年3月6日 数字金融Workshop
第二讲 The cost of capital market distortions: evidence from IPO locational choices
时间/Time： 3月6日 周三 北京时间上午10:00-11:30
地点/Venue：
线下：北京大学国家发展研究院（承泽园校区）131教室
线上：线上: ZOOM会议（会议号: 815 0505 9822 密码: 606589）
主讲人/Speaker：魏尚进 Shang-Jin Wei
主持人/Host： 胡佳胤 Jiayin Hu
摘要/Abstract:
Domestic capital market regulations and capital controls impose a cost on firms. From IPO locational choices, we estimate that the willingness to pay by the entrepreneurs of overseas listed Chinese firms to be equivalent to a haircut in firm value by 60% in order to bypass these distortions. Additional independent data confirm the plausibility of this estimate. With a structurally estimated model, we infer that the welfare gains for the entrepreneurs from the relevant market reforms could be 18%.
主讲人介绍/Biography:
[Shang-Jin Wei]
Dr. Shang-Jin Wei is N.T. Wang Professor of Chinese Business and Economy and Professor of Finance and Economics at Columbia University’s Graduate School of Business and School of International and Public Affairs.
During 2014-2016, Dr. Wei served as Chief Economist of Asian Development Bank and Director General of its Economic Research and Regional Cooperation Department. He was ADB’s chief spokesperson on economic trends and economic development in Asia, advised ADB’s President on economic development issues, led the bank’s analytical support for regional cooperation fora including ASEAN+3 (China, Japan, and Korea) and APEC, growth strategy diagnostics for developing member countries, as well as research on macroeconomic, financial, labor market, and globalization issues.
Prior to his Columbia appointment in 2007, he was Assistant Director and Chief of Trade and Investment Division at the International Monetary Fund. He was the IMF’s Chief of Mission to Myanmar (Burma) in 2004. He previously held the positions of Associate Professor of Public Policy at Harvard University, the New Century Chair in Trade and International Economics at the Brookings Institution, and Advisor at the World Bank.
He has been a consultant to numerous government organizations including the U.S. Board of Governors of the Federal Reserve System, United Nations Economic Commission on Europe, and United Nations Development Program, the Asian Development Bank, and to private companies such as PricewaterhouseCoopers. He holds a PhD in economics and M.S. in finance from the University of California, Berkeley.
Dr. Wei is a noted scholar on international finance, trade, macroeconomics, and China. He is a recipient of the Sun Yefang Prize for Distinguished Contributions to Economics (for the invention of the Competitive Saving Motive published in Journal of Political Economy), the Zhang Peifang Prize for Contributions to Economics of Development (for pioneering work on measurement of global value chains published in American Economic Review), and the Gregory Chow Award for Best Research Paper; some of his research was supported by a grant from the U.S. National Science Foundation.
Dr. Wei’s research has been published in top academic journals including American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Journal of Finance, Review of Financial Studies, Journal of International Economics, and Journal of Development Economics, and reported in popular media including Financial Times, Wall Street Journal, Economist, Business Week, Times, US News and World Report, Chicago Tribune, South China Morning Post, and other international news media.
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数字金融Workshop：The cost of capital market distortions: evidence from IPO locational choices
发布日期：2024-03-06 12:00 来源：
2024年3月6日 数字金融Workshop
第二讲 The cost of capital market distortions: evidence from IPO locational choices
时间/Time： 3月6日 周三 北京时间上午10:00-11:30
地点/Venue：
线下：北京大学国家发展研究院（承泽园校区）131教室
线上：线上: ZOOM会议（会议号: 815 0505 9822 密码: 606589）
主讲人/Speaker：魏尚进 Shang-Jin Wei
主持人/Host： 胡佳胤 Jiayin Hu
摘要/Abstract:
Domestic capital market regulations and capital controls impose a cost on firms. From IPO locational choices, we estimate that the willingness to pay by the entrepreneurs of overseas listed Chinese firms to be equivalent to a haircut in firm value by 60% in order to bypass these distortions. Additional independent data confirm the plausibility of this estimate. With a structurally estimated model, we infer that the welfare gains for the entrepreneurs from the relevant market reforms could be 18%.
主讲人介绍/Biography:
[Shang-Jin Wei]
Dr. Shang-Jin Wei is N.T. Wang Professor of Chinese Business and Economy and Professor of Finance and Economics at Columbia University’s Graduate School of Business and School of International and Public Affairs.
During 2014-2016, Dr. Wei served as Chief Economist of Asian Development Bank and Director General of its Economic Research and Regional Cooperation Department. He was ADB’s chief spokesperson on economic trends and economic development in Asia, advised ADB’s President on economic development issues, led the bank’s analytical support for regional cooperation fora including ASEAN+3 (China, Japan, and Korea) and APEC, growth strategy diagnostics for developing member countries, as well as research on macroeconomic, financial, labor market, and globalization issues.
Prior to his Columbia appointment in 2007, he was Assistant Director and Chief of Trade and Investment Division at the International Monetary Fund. He was the IMF’s Chief of Mission to Myanmar (Burma) in 2004. He previously held the positions of Associate Professor of Public Policy at Harvard University, the New Century Chair in Trade and International Economics at the Brookings Institution, and Advisor at the World Bank.
He has been a consultant to numerous government organizations including the U.S. Board of Governors of the Federal Reserve System, United Nations Economic Commission on Europe, and United Nations Development Program, the Asian Development Bank, and to private companies such as PricewaterhouseCoopers. He holds a PhD in economics and M.S. in finance from the University of California, Berkeley.
Dr. Wei is a noted scholar on international finance, trade, macroeconomics, and China. He is a recipient of the Sun Yefang Prize for Distinguished Contributions to Economics (for the invention of the Competitive Saving Motive published in Journal of Political Economy), the Zhang Peifang Prize for Contributions to Economics of Development (for pioneering work on measurement of global value chains published in American Economic Review), and the Gregory Chow Award for Best Research Paper; some of his research was supported by a grant from the U.S. National Science Foundation.
Dr. Wei’s research has been published in top academic journals including American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Journal of Finance, Review of Financial Studies, Journal of International Economics, and Journal of Development Economics, and reported in popular media including Financial Times, Wall Street Journal, Economist, Business Week, Times, US News and World Report, Chicago Tribune, South China Morning Post, and other international news media.
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