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]article_adlist-->增加游说信息披露的透明度
如何影响企业游说行为？
How Does Enhanced Public Transparency in Lobbying Disclosures Shape Corporate Lobbying?
]article_adlist-->讲座信息
主讲人
Suzie Noh 教授
斯坦福大学
日期和时间
2025年12月10日（周三）
10:30 - 12:00
地点
会议楼II，103会议室
讲座概述
We examine how enhanced transparency in lobbying disclosures, introduced by the Honest Leadership and Open Government Act (HLOGA) in 2008, affects corporate lobbying behavior. Using a difference-in-differences design, we find that large, visible firms significantly reduce direct lobbying expenditures following HLOGA, consistent with increased reputational costs under heightened public scrutiny. The reduction is driven by fewer new lobbyist hires, not terminations, suggesting a cautious, gradual response. We further show that such reductions in direct lobbying are associated with greater political risk, shedding light on economic consequences of reduced direct lobbying. Finally, firms appear to substitute toward less visible forms of political influence by increasing association-based (“umbrella”) lobbying, although this shift likely reduced the precision and effectiveness of their political engagement. Our findings highlight how transparency regulations can reshape firms’ lobbying strategies and risk profiles.
主讲人简介
Suzie Noh 教授
斯坦福大学
Suzie Noh 是斯坦福大学商学院（GSB）会计学助理教授。她的研究关注财务信息披露如何影响家庭作为消费者、投资者和居民的决策, 以及这些决策如何进一步影响企业、市场和社会。她拥有埃默里大学经济学与数学学士学位（最高荣誉毕业），以及麻省理工学院斯隆管理学院金融学硕士学位和会计学博士学位。
]article_adlist-->AI智能体在金融决策辅助中的错误信息问题：来自股票推荐的早期证据
AI Agent Misinformation when Assisting Financial Decision-Making: Early Evidence from Stock Recommendations
]article_adlist-->讲座信息
主讲人
徐永新教授
蒙纳士大学
日期和时间
2025年12月12日（周五）
10:30-12:00
地点
会议楼II，103会议室
讲座概述
To understand misinformation generated by AI agents when assisting financial decision-making, on each trading day from May 2024 to June 2025, we collected stock recommendations from ChatGPT. Our analysis reveals three channels through which AI agent misinformation manifests: training-data reliance, web-searching bias, and representative heuristic reasoning. Portfolios based on recommended stocks sometimes outperform market benchmarks but exhibit extremely high volatility across time. Taking out recommendations based on misinformation sometimes improves performance, but having AI agents revise their recommendations does not. Our study provides a systematic framework for evaluating AI agent reliability for automated investment advice or trading.
主讲人简介
徐永新教授
蒙纳士大学
徐永新现任蒙纳士大学（Monash University）高级讲师。在加入蒙纳士大学之前,他曾任职于长江商学院、清华大学、西南财经大学以及新西兰惠灵顿维多利亚大学。徐永新在清华大学获得学士和博士学位。他的研究成果发表于《金融经济学杂志》(Journal of Financial Economics)、《金融研究评论》(Review of Financial Studies) 等国际知名期刊。徐永新的研究兴趣包括人工智能、社交媒体、行为金融学、家庭金融、公司金融。
]article_adlist-->羊群效应、武装冲突与荣誉文化：全球证据
Herding, Armed Conflict, and a Culture of Honor: Global Evidence
]article_adlist-->讲座信息
主讲人
曹一鸣教授
香港大学
日期和时间
2025年12月12日（周五）
10:30-12:00
地点
综合教学楼D904会议室
讲座概述
We examine the importance of norms of revenge and punishment in perpetuating armed conflicts. Our analysis leverages the ‘culture of honor’ hypothesis from social psychology, which posits that traditional herding practices generate moral systems conducive to revenge-taking. We find that the descendants of herders (i) experience more frequent civil and non-civil conflicts; (ii) are more likely to be involved in conflicts motivated by retaliation; and (iii) exhibit a greater emphasis on revenge-taking in contemporary surveys and historical folklore. Our evidence suggests that a traditional form of subsistence generated a functional morality that continues to shape conflict across the globe today.
主讲人简介
曹一鸣教授
香港大学
曹一鸣是香港大学经济学助理教授。他于2022年获得波士顿大学经济学博士学位，研究方向包括发展经济学和政治经济学，尤其专注于冲突与腐败问题。加入香港大学前，他曾担任斯坦福大学中国经济与制度研究中心博士后研究员。
]article_adlist-->抵押贷款领域多元化、公平和包容性以及种族歧视的格局正在发生变化
The shifting landscape of DEI and racial discrimination in mortgage lending
]article_adlist-->讲座信息
主讲人
王越教授
明尼苏达大学
日期和时间
2025年12月12日（周五）
10:30-12:00
地点
综合教学楼D804会议室
讲座概述
This study examines how large swings in societal sentiment toward diversity, equity, and inclusion (DEI) influence racial discrimination in U.S. mortgage lending. We use the Black-White racial mortgage rate gap in Government-Sponsored Enterprises (GSE) guaranteed mortgage loans to capture racial discrimination. Preliminary results show an immediate, significant, and persistent decline in racial discrimination following the murder of George Floyd (GF) in May 2020. The reduction is more pronounced among lenders that adopted a more pro-DEI stance post-GF or compete with pro-DEI lenders in the local mortgage market. To further investigate factors contributing to the resilience of equity gains when pro-DEI sentiment weakens, we leverage the wave of state-level anti-DEI legislation in 2023 and 2024 to examine i) whether a reversal of public DEI sentiment affects discrimination, and ii) how market competition and fair lending enforcement mitigate the impact of public sentiment reversal on mortgage lending discrimination. The results of this study help inform debates about the resilience of social equity achievements in contested political environments and enhance our understanding of how social and market forces can interact to jointly mitigate discrimination and promote equity in financial markets.
主讲人简介
王越教授
明尼苏达大学
王越（Tracy Yue Wang）现任明尼苏达大学卡尔森管理学院约翰·斯普纳金融学教授兼金融系主任。在校外，她担任《公司金融杂志》（Journal of Corporate Finance）的编辑和《公司金融研究评论》（Review of Corporate Finance Studies）的副编辑。
王越的研究专长是公司治理和行为金融学。她目前的研究重点是社会趋势（例如对环境、社会和治理（ESG）、多元、公平和包容（DEI）、收入不平等以及意识形态日益两极分化的关注度不断提高）对金融市场、公司金融和公司治理的影响。她还在公司证券欺诈、证券市场监管以及管理层对公司价值的影响等方面的研究方面积累了丰富的经验。王越在顶尖的金融、会计和经济学期刊上发表了大量文章，并经常被商业媒体引用。
]article_adlist-->低秩与稀疏网络的回归分析
Low-Rank And Sparse Network Regression
]article_adlist-->讲座信息
主讲人
王玮宁教授
布里斯托大学
日期和时间
2025年12月15日（周一）
15:30-17:00
地点
综合教学楼D904会议室
讲座概述
This paper analyzes spillover effects in spatial (network) models when measurement noise might contaminate the neighborhood (i.e. adjacency) matrix. We propose to adopt a low-rank and sparse structure to capture stylized network patterns in empirical datasets. We develop a flexible estimation framework via regularization techniques: a Least Absolute Shrinkage and Selection Operator (LASSO) penalty for the sparse component and a nuclear norm penalty for the low-rank component. We propose two estimators: (1) A two-stage procedure that first de-noises the adjacency matrix via regularization and subsequently integrates the purified network into a regression analysis, and (2) A single-step supervised Generalized Method of Moments (GMM) estimator that jointly estimates the regression parameters and refines the network structure. Simulation evidence underscores the superiority of our approach relative to conventional estimation protocols. In scenarios with noisy networks, our method reduces the root mean squared error (RMSE) of the estimate of spillover effects by 50–70% compared to conventional GMM. This advantage is more significant when measurement errors are correlated with the observed outcomes and network contamination is econometrically endogenous. We apply our framework to the dataset in Besley and Case (1995) and demonstrate its practical utility. The decomposition not only improves estimation reliability but also generates granular insights for policy design. These results highlight that we can bridge the gap between methodological rigor and policy relevance by explicit modeling of network structure heterogeneity.
JEL Classification: C21, C23, D57
Keywords: network analysis, policy effects, LASSO, nuclear norm penalty, penalized GMM
主讲人简介
王玮宁教授
布里斯托大学
王玮宁博士现任英国布里斯托大学经济学教授。此前，她曾任荷兰格罗宁根大学经济与商学院计量经济学讲席教授、英国约克大学经济及相关研究系金融计量经济学讲席教授。王玮宁博士于德国柏林洪堡大学获得经济学博士学位。
她的研究领域主要涵盖非参数与半参数计量经济学、高维计量经济学、网络模型及时间序列分析，研究成果发表在《Annals of Statistics》、《Journal of Business & Economic Statistics》、《Journal of Econometrics》、《Journal of the American Statistical Association》、《Econometric Theory 》等经济学和统计学国际顶级期刊。
其研究课题集中于面板数据分析、高维时间序列模型及应用计量经济学方法，旨在解答经济与金融领域的关键问题，例如系统性风险模型分析、金融衍生品定价以及社会网络分析等。
]article_adlist-->供应链控制塔视角下的客户管理式与供应商管理式库存系统比较研究
Who Directs the Control Tower? Customer vs. Supplier-Managed Inventory in Supply Chains
]article_adlist-->讲座信息
主讲人
陈实教授
华盛顿大学
日期和时间
2025年12月15日 (周一)
10:30 - 12:00
地点
综合教学楼D604会议室
讲座概述
In recent years, information distortion and incentive misalignment have contributed to suboptimal supply chain performance. As a result, many companies have adopted the “control tower” approach, in which one party assumes responsibility for replenishment decisions across the supply chain. But who should direct the control tower? In some cases, this role is assigned to the customer – Customer-Managed Inventory (CMI) – and in others, to the supplier – Supplier-Managed Inventory (SMI). This paper investigates when it is preferable to adopt one approach over the other. We consider a two stage supply chain with either a one-to-one inventory structure (a customer with a single warehouse) or a one-to-many structure (a customer with multiple warehouses), and derive the optimal inventory policies and cost-sharing contract parameters under both CMI and SMI. Our analysis reveals that two primary factors drive the choice between CMI and SMI: the shortage penalty cost ratio between the customer and supplier, and the number of customer warehouses. A higher customer-to-supplier penalty cost ratio or fewer customer warehouses tends to favor CMI, while the opposite conditions favor SMI. Secondary factors, including holding costs, lead times, the distribution of demand across warehouses, and demand correlation, also play a role. We illustrate our findings with four industry cases: Barilla, Saturn, Boeing, and HP. The results offer practical guidance for selecting and implementing the appropriate control tower strategy, enabling firms to improve supply chain performance through more effective allocation of decision rights and cost-sharing mechanisms.
Key words: Control tower approach, supply chain coordination, decision-rights transfer, cost-sharing mechanisms, customer-managed inventory, supplier-managed inventory
主讲人简介
陈实教授
华盛顿大学
陈实是华盛顿大学（西雅图）福斯特商学院信息系统与运营管理系玛丽安·B·英格索尔教授。他先后获得清华大学工业工程专业的学士与硕士学位，以及斯坦福大学管理科学与工程专业的博士学位。他的研究聚焦于运营管理中的创新、可持续性、与供应链韧性，涵盖云计算价值链、社会责任与环境可持续运营，以及供应链协调与风险管理等议题。其研究成果发表于运营管理以及信息系统领域国际顶级期刊，如《管理科学》、《运筹学》、《制造与服务运营管理》、《生产与运营管理》、《信息系统研究》。他曾在2023至2024年间担任制造与服务运营管理协会的秘书长，现为《制造与服务运营管理》期刊的副编委、《生产与运营管理》的资深编委。
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