时间/Time：2025年 4月15日 周二 北京时间 上午09:00-10:30

地点/Venue：Zoom会议（会议号: 897 2560 1400  密码: 938759）

主讲人/Speaker：马  松 Song Ma

主持人/Host：     胡佳胤 Jiayin Hu

Abstract:

This paper examines how banks strategically develop their brand image, and how these image-building efforts influence both franchise value and the transmission of monetary policy. Analyzing over a decade of TV commercial videos via an unsupervised video embedding method, we find that banks consistently build their images around one of three dimensions: pricing advantages, superior service quality, and a trustworthy, life-aspirational focus. Banks with strong local market shares emphasize service and life aspirations. Banks generally truthfully advertise pricing and service advantages but rely on emotional appeals when lacking these advantages. They also tailor their images to local demographics, increasing minority representation in targeted areas. Using a border discontinuity design, we show that advertising intensity and style significantly affect deposit quantities and spreads, a factor that becomes especially important during monetary policy transmission. These findings suggest that banks build images to strengthen their market positions and boost franchise value.

主讲人简介：

Song Ma is a Professor of Finance and Entrepreneurship at Yale School of Management (SOM) and a Faculty Research Fellow at the National Bureau of Economic Research (NBER). He is also an affiliated faculty member at Yale Law School Center for the Study of Corporate Law and Yale SOM Program on Entrepreneurship. He joined Yale SOM Faculty in 2016.

Professor Ma’s main research interests are innovation economics, entrepreneurship, financial economics, AI, and big data. His research also spans to corporate strategy, industrial organization, antitrust, labor, and business law. His research has been featured in top academic journals such as the Journal of Political Economy, Journal of Finance, Journal of Financial Economics, and Review of Financial Studies, and won numerous research awards. His research has also been referenced by legislator and policy makers around the world, including the Federal Trade Commission, EU Competition Commission, and UK Competition and Markets Authority. Professor Ma has been quoted or interviewed by dozens of media outlets, including the Wall Street Journal, Financial Times, New York Times, and Forbes. Professor Ma teaches popular elective course at Yale, including “Entrepreneurial Finance”, “Venture Capital and Private Equity”, and “Finance and the Society”, and he was recognized as Poets & Quants 40 under 40 Best Business School Professor in 2021.

Professor Ma received his PhD in Finance from Duke University’s Fuqua School of Business in 2016, and was award 2016 Top Finance Graduate Award. He obtained his BA in Economics from Zhejiang University in 2010.