題目：Kim’s Shock: Geopolitical Crisis and Corporate Investment
報告人：Assistant Professor, Wuhan University
報告人簡介：薛暢教授主要研究領域為公司金融、金融經濟學及發展經濟學，曾在Review of Finance, China Economic Review和《經濟研究》等中英文刊物發表論文。
報告主要內容：Geopolitics, determined by bilateral or multinational relations, is an important source of political uncertainty for each country. This study examines whether and how six nuclear tests by North Korea, as exogenous shocks increasing geopolitical uncertainty, affects Chinese listed firms’ investment by using difference-in-differences that the distance from the nuclear site is employed as their exposure to the shock. We find that firms closer to nuclear site would significantly decrease the investment in the quarter following a nuclear boom, while missile tests by North Korea do not matter. Such effects of nuclear tests are weakened for state-owned firms, especially for central state-owned firms. Also, we find that firms of more redeployability and of externally financial dependence are more vulnerable to the uncertainty resulted from nuclear booms and the growth of banking credit, measured by the data across prefectures, has been significantly impeded after a boom.