主题：The Cost of Capital Market Distortions: Evidence from Chinese Overseas IPOs
主讲人：Shang-Jin Wei（魏尚进），哥伦比亚商学院欧洲杯外围竞猜_欧洲杯盘口-投注|官网学与经济学教授
时间：5月17日（周三）上午10:00-11:30
地点：4-101教室
语言：英文
摘要：
Both capital controls and behind-the-border capital market regulations impose a cost on firms. We propose a willingness-to-pay approach to estimate the overall cost, by comparing Chinese firms listed at home and abroad, that takes into account the endogenous nature of the IPO locational choices. The estimated cost is sizable – equivalent to a haircut in firm value by over 50% - and varies systematically with the tightness of the capital controls or domestic regulations.
主讲人介绍：
Dr. Shang-Jin Wei is N.T. Wang Professor of Chinese Business and Economy and Professor of Finance and Economics at Columbia University’s Graduate School of Business and School of International and Public Affairs.
Dr. Wei is a noted scholar on international finance, trade, and the Chinese economy. He was a recipient of the 2019 Contemporary Economics Prize, the Sun Yefang Prize for Distinguished Contributions to Economics (for the invention of the Competitive Saving Motive published in Journal of Political Economy), the Zhang Peifang Prize for Contributions to the Economics of Development (for pioneering work on measurement of global value chains published in American Economic Review), the Pushan Prize for Excellence in Research on the World Economy, the Ann Tse Kai (An Zijian) Research Prize on International Trade, and the Gregory Chow Award for Best Research Paper.
During 2014-2016, Dr. Wei served as Chief Economist of Asian Development Bank and Director General of its Economic Research and Regional Cooperation Department. He was ADB’s chief spokesperson on economic trends and economic development in Asia, advised ADB’s President on economic development issues, led the bank’s analytical support for regional cooperation fora including ASEAN+3 (China, Japan, and Korea) and APEC, growth strategy diagnostics for developing member countries, as well as research on macroeconomic, financial, labor market, and globalization issues.
Prior to his Columbia appointment in 2007, he was Assistant Director and Chief of Trade and Investment Division at the International Monetary Fund. He was the IMF’s Chief of Mission to Myanmar (Burma) in 2004. He previously held the positions of Associate Professor of Public Policy at Harvard University, the New Century Chair in Trade and International Economics at the Brookings Institution, and Advisor at the World Bank.
Dr. Wei has been a consultant to numerous government organizations including the U.S. Board of Governors of the Federal Reserve System, United Nations Economic Commission on Europe, and United Nations Development Program, the Asian Development Bank, and to private companies such as PricewaterhouseCoopers, Bank of America, Deutsche Bank, UBS. He holds a PhD in economics and M.S. in finance from the University of California, Berkeley.
Dr. Wei’s research has been published in top academic journals including American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of International Economics, and Journal of Development Economics, and reported in popular media including Financial Times, Wall Street Journal, Economist, Business Week, Times, US News and World Report, Chicago Tribune, Nikkei Asian Review, South China Morning Post, and other international news media.