题目：Firm Heterogeneity and Adverse Selection in External Finance: Micro Evidence and Macro Implications

主讲人：Xing Guo（郭兴），Bank of Canada

时间：2026年5月22日 上午10:00 – 11:30

地点：北京大学国家发展研究院(承泽园)229

摘要： This paper studies how asymmetric information between firms and outside investors affects aggregate investment. It develops a heterogeneous-firm macroeconomic model in which firms privately observe their own quality, creating a lemons problem in external finance markets. The paper uses high-frequency stock-price reactions around new financing events to measure private information in the data. It finds that fluctuations in private information are quantitatively important for business cycles: during the 2007-2009 financial crisis, a rise in private information explains about 40 percent of the decline in aggregate investment and reduced the effectiveness of monetary stimulus.

主讲人简介：Xing Guo is a principal researcher at the Bank of Canada. He obtained his PhD at the University of Michigan in 2019. His research focuses on macro finance, corporate finance, immigration, and open-economy macro. His work has been published on AEJ: Macro, JPE: Macro, and Economic Letters。