How Real Estate Booms Hurt Small Firms: Evidence on Investment Substitution

主讲人

Harald Hau

简介

<p class="MsoNormal">In geographically segmented credit markets, local real estate booms can deteriorate the funding conditions for small manufacturing firms and undermine their growth and competitiveness. Based on exogenous variations in the administrative land supply for residential housing across Chinese cities, we show that real estate price hikes caused by a restrictive land supply reduce bank credit to small firms, raise their borrowing costs, diminish their investment rate, compromise their output and productivity growth, and increase their exit rates. Such harmful effects are more pronounced among small firms and those located in more bank-dependent regions.</p>

时间

2023-10-19 (Thursday) 16:40-18:10

地点

Room N302, Economics Building

讲座语言

English

主办单位

厦门大学经济学院、王亚南经济研究院、邹至庄经济研究院

承办单位

厦门大学经济学院金融系

类型

独立讲座

联系人信息

主持人

Xiaoran Huang

专题网站

专题

主讲人简介

<div>Harald Hau is a Swiss Finance Institute Professor of Finance at the University of Geneva, and a full professor at the Geneva School of Economics and Management (GSEM). Harald Hau taught Finance at INSEAD for 10 years in the MBA program and various executive programs before joining the Swiss Finance Institute in 2011. He is a research fellow at the Center for Economic Policy Research (CEPR), London; the Center for Economic Studies (CES), Munich; and the Hong Kong Institute for Monetary Research (HKIMR), Hong Kong. He also worked as a visiting scholar at the International Monetary Fund,&nbsp; and as the Wim Duisenberg Research Fellow at the European Central Bank.</div> <div>&nbsp;</div> <div>His research focuses on international finance and financial stability issues. He has published widely in top finance, economics and policy journals. His research won the Joseph de la Vega Prize of the Federation of European Stock Exchanges, best paper prize of the Foundation Europlace Paris, and the Standard Life Prize of the European Corporate Governance Institute.</div>

期数

厦门大学群贤学科学术讲座

主讲人: Harald Hau
主讲人简介:
Harald Hau is a Swiss Finance Institute Professor of Finance at the University of Geneva, and a full professor at the Geneva School of Economics and Management (GSEM). Harald Hau taught Finance at INSEAD for 10 years in the MBA program and various executive programs before joining the Swiss Finance Institute in 2011. He is a research fellow at the Center for Economic Policy Research (CEPR), London; the Center for Economic Studies (CES), Munich; and the Hong Kong Institute for Monetary Research (HKIMR), Hong Kong. He also worked as a visiting scholar at the International Monetary Fund,  and as the Wim Duisenberg Research Fellow at the European Central Bank.
 
His research focuses on international finance and financial stability issues. He has published widely in top finance, economics and policy journals. His research won the Joseph de la Vega Prize of the Federation of European Stock Exchanges, best paper prize of the Foundation Europlace Paris, and the Standard Life Prize of the European Corporate Governance Institute.
主持人: Xiaoran Huang
简介:
独立讲座
时间: 2023-10-19 (Thursday) 16:40-18:10
地点: Room N302, Economics Building
期数: 厦门大学群贤学科学术讲座
主办单位: 厦门大学经济学院、王亚南经济研究院、邹至庄经济研究院
承办单位: 厦门大学经济学院金融系
类型: 独立讲座