时 间：2018年10月11日（周四）下午13：30
地 点：浙江大学紫金港校区行政楼702会议室
主讲人：王甄副教授，上海财经大学金融学院
主持人：黄英教授，火狐手机版登录入口
题 目：Why Did the Investment-Cash Flow Sensitivity Decline over Time?
摘 要：
In this paper we reinvestigate the issue regarding the investment-cash flow sensitivity (Fazzari,Hubbard and Petersen 1988 and Kaplan and Zingales 1997). We propose an explanation for why corporate investment used to be sensitive to cash flow and why the sensitivity declined over time. The sensitivity results from the importance of tangible capital and its productivity in the old economy. New-economy fi rms tend to operate with a higher level of intangible capital, face more intensive competition, and have cash flows which have less predictive power for their future values. As the number of new-economy fi rms grew and old-economy firms adapted to the new-economy environment, the average investment-cash flow sensitivity declined. The empirical results support our explanation of the sensitivity.
主讲人简介：
王甄博士毕业于香港科技大学，现任上海财经大学金融学院副教授。王老师长期从事公司金融方向的实证研究。曾获“上海市浦江人才”称号，主持国家自然科学基金项目。王老师的研究成果发表于Journal of Financial and Quantitative Analysis，《经济研究》，《金融研究》，《财经研究》等国内外期刊。
