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活动信息
9月18日（周五）14:00-17:00
武东路100号金融学院毓秀楼208
参会人数：20-30人左右
研讨背景
数字基础设施建设、企业ESG实践以及宏观制度设计等议题正在深刻重塑现代经济与金融市场的运行逻辑。本次“金融与经济理论前沿研讨会”将围绕这些核心命题展开，探讨数字经济如何拉动消费增长、企业所有权变更中的ESG价值，以及司法效率、失业保险与地方政府微观行为的经济学影响。会议特别邀请了来自新加坡国立大学（National University of Singapore）的Sumit Agarwal教授和俄勒冈大学（University of Oregon）的Z. Jay Wang教授发表主旨演讲。同时，多位学者也将就司法判决效率、创新资源配置、银行所有权以及加密货币衍生品交易等前沿课题报告最新研究成果。本次研讨会旨在通过丰富的理论与实证研究，促进金融学与经济学交叉领域的深度学术交流。
流程安排
时间 | 内容 |
14:00-14:40 | Keynote 1: Consumption Growth from Digital Infrastructure: Evidence from India’s Mobile Internet Rollout 报告人：Sumit Agarwal (National University of Singapore) |
14:40-15:20 | Keynote 2: Siren Song or Salvation: Evidence on the Value of ESG from Ownership Changes 报告人：Z. Jay Wang (University of Oregon) |
15:20-15:40 | 茶歇与合影 (Coffee Break & Group Photo) |
15:40-16:00 | 论文1: Trading off Efficiency and Quality in Adjudication: Bunching Evidence from Statutory Trial Time Limits 报告人：Chenhao Liu (Shanghai University of Finance and Economics) |
16:00-16:20 | 论文2: Unemployment Insurance and the Allocation of Innovation 报告人：Han Ma (Shanghai University of Finance and Economics) |
16:20-16:40 | 论文3: Bank Ownership as a Political Instrument: Evidence from Chinese Local Governments 报告人：Naide Ye (Shanghai University of Finance and Economics) |
16:40-17:00 | 论文4: Trading Skill, Leverage, and Liquidation in Crypto Perpetual Futures 报告人：Hang Zhou (Shanghai University of Finance and Economics) |
报告具体信息
报告一(Keynote Speech)
Keynote Speaker: Sumit Agarwal (National University of Singapore)
Title: Consumption Growth from Digital Infrastructure: Evidence from India’s Mobile Internet Rollout
Abstract: The long-term growth effects of large-scale infrastructure investments depend crucially on how much households’ consumption expenditure rises as a result of such investments. We estimate the increase in consumption from India’s mobile internet rollout, which was staggered across regions due to legal uncertainties surrounding a major telecom corruption case. Transaction-level data from two of India’s largest banks show that within two years of the rollout, average household income rose by 4.7–5.6%, and consumption by 0.90–0.93 rupees per additional rupee of income. These estimates are broadly consistent with the Permanent Income Hypothesis (PIH), but additional mechanisms unique to the setting are also at play. These include expanded access to goods via e-commerce (especially for wealthier rural households), greater use of digital payments, and increased insurance adoption that reduced precautionary saving. Overall, our evidence suggests that digital infrastructure durably transforms economic activity, not just through improved productivity-driven income growth, but also through a strong follow-on consumption response.
Bio：Sumit Agarwal is a distinguished professor and thought leader in the fields of finance, economics, and real estate, currently serving as the Low Tuck Kwong Distinguished Professor of Finance, Economics, and Real Estate at the National University of Singapore (NUS). He is the Managing Director of the Sustainable and Green Finance Institute, Head of the Department of Real Estate, and President of the Asian Bureau of Finance and Economic Research. He has published over 125 academic papers, with his research appearing in prestigious journals such as the AER, QJE, JPE, Econometrica, RES, JF, JFE, and RFS. His work spans a range of topics including household finance, sustainability, financial institutions, and behavioral economics, receiving over 23,000 citations (Google Scholar, Sep. 2026). He has also authored multiple books, including "Household Financial Management" (2023) and "Kiasunomics" series, widely recognized for bridging academic insights and practical implications.
报告二(Keynote Speech)
Keynote Speaker: Z. Jay Wang (University of Oregon)
Title: Siren Song or Salvation: Evidence on the Value of ESG from Ownership Changes
Abstract: We study the relation between firms’ ownership structures and their environmental, social, and governance (ESG) practices. We find that private firms, especially those backed by private equity (PE), significantly underperform their public counterparts in overall ESG engagement. ESG performance improves for firms transitioning to public ownership compared to matched control groups, while firms going private are found to have reduced ESG measures after transitioning from public ownership. Compared to public firms, PE-backed private firms align ESG practices more closely with profit motives, avoiding ESG engagements that are detrimental to profitability. These results also suggest that the value delivered by ESG may lie in non-financial factors.
Bio: Z. Jay Wang is a professor in the Department of Finance and Alumni Investment Management Research Scholar at the Lundquist College of Business. His expertise includes asset management, institutional investors, and market liquidity. His research has been published in journals such as Journal of Financial Economics, Review of Financial Studies, Journal of Financial Quantitative Analysis, Journal of Financial Intermediation, and Contemporary Accounting Research.
报告三
Speaker: Chenhao Liu (Shanghai University of Finance and Economics)
Title: Trading off Efficiency and Quality in Adjudication: Bunching Evidence from Statutory Trial Time Limits
Abstract: Deadlines serve as a common efficiency incentive, with statutory trial limits representing a widespread public-sector application. Using a bunching design on Chinese civil judgments, we find that judges manipulate 18% of cases near the cutoff, shortening trials by 26.2 days. However, this efficiency gain comes at a cost: appeal rates rise 5.85 percentage points; appellants wait 69.3 extra days and face a more-than-doubled amend rate. To evaluate these trade-offs, a theoretical framework shows that uniform deadlines create regional misalignment and recede from the welfare frontier following staffing freezes, indicating that flexible limits or capacity adjustments are necessary.
报告四
Speaker: Han Ma (Shanghai University of Finance and Economics)
Title: Unemployment Insurance and the Allocation of Innovation
Abstract: This paper studies whether social insurance affects the allocation of innovation across firms. Exploiting China’s 2017 unemployment insurance reform, we show that more generous unemployment insurance reallocates innovation from listed firms to unlisted firms. Listed firms in treated provinces experience a 12.5% decline in patent applications, while unlisted firms experience a 20.6% increase. Similar patterns emerge for granted patents. The effects are concentrated among safer listed firms and smaller, riskier unlisted firms, consistent with a risk-reallocation mechanism: public insurance weakens the value of firm-provided employment stability and improves riskier firms’ ability to attract inventive labor. Inventor-level evidence supports this interpretation. The reform increases inventor mobility from listed firms to unlisted firms, but not in the reverse direction, and also encourages movements toward newly established unlisted firms. At the provincial level, the reform increases aggregate patenting, primarily through unlisted firms. These findings suggest that unemployment insurance does more than protect workers against income loss: by reallocating risk-bearing capacity and inventive labor, social insurance can reshape where innovation is produced.
报告五
Speaker: Naide Ye (Shanghai University of Finance and Economics)
Title: Bank Ownership as a Political Instrument: Evidence from Chinese Local Governments
Abstract: We study how local governments use equity stakes in banks as a political and fiscal instrument to expand off-budget credit. We develop a novel city-bank-year measure of Chinese local government ownership from banks’ shareholder registries and link it to transaction-level borrowing by local government financing vehicles (LGFVs). We find that a one-standard deviation increase in a local government’s ownership stake in a bank raises that bank’s credit to local government borrowers by 11%. We exploit a regulatory reform that forced private shareholders to unwind bank holdings to support a causal interpretation. This effect is stronger when political competition is intense, officials near the end of their terms, and fiscal constraints are tighter. Greater local-government ownership also makes LGFV investment more responsive to industry performance, yet these projects are more likely to fail, indicating that ownership directs credit to attractive industries at the cost of project quality.
报告六
Speaker: Hang Zhou (Shanghai University of Finance and Economics)
Title: Trading Skill, Leverage, and Liquidation in Crypto Perpetual Futures
Abstract: When does trading skill translate into investment performance? Using linked orders and reconstructed positions in cryptocurrency perpetual futures, we follow retail investors from trade selection through execution and exit. Investors exhibit persistent advantages in direction selection and execution, yet neither form of skill reliably predicts net returns on its own. Holding and financing choices help explain this gap. Directional advantages emerge largely after positions have closed; their association with realized profits is stronger when investors' historical holding policies better match this horizon. Within investors facing similar market conditions, higher leverage predicts lower net returns and more forced liquidation, without better subsequent price direction. Simulated leverage caps prevent many forced exits but leave most affected positions unprofitable. The findings distinguish competence in individual trading tasks from the ability to capture their economic value: identifying and executing a favorable trade need not imply holding or financing it well.
编辑 | 司思
审核 | 朱小能、秦聪
