金融与财务学系系列讲座之266期

时间：2022年4月26日（周二）9:30-11:00

地点：Zoom会议

会议号：847 0290 2050 密码： 524936

主题：Housing Market and Entrepreneurship: Micro Evidence from China

演讲者：韩冰 教授多伦多大学罗特曼管理学院金融学教授、TMX 资本市场讲座教授

摘要：Using a unique survey data of Chinese households, we document a negative effect of recent house price growth on entrepreneurship. It is driven by homeowners; even house purchase restriction does not alleviate it. We propose and find support for an explanation based on crowding-out effect and extrapolative belief. The correlation between past house price growth and housing market optimism is positive for homeowners, but close to zero for renters. Moreover, rapid house price growth stimulates the house purchase intention and reduces the entrepreneurial intention of homeowners, especially unsophisticated homeowners. High house price growth in the “most connected” city further reduces local homeowners’ entrepreneurship. Finally, house price risk deters homeowners’ entrepreneurship as well.

简介：Bing Han is a Professor of Finance and the TMX Chair in Capital Markets at Rotman. His research focuses on Behavioral Finance, Investments, and Asset Pricing. He has published in top finance, economics and management journals including Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Review of Economic Studies, International Economic Review, Journal of Economic Theory, Journal of Financial and Quantitative Analysis, Management Science, Review of Finance, as well as practitioner oriented journals including Journal of Investment Management, and Journal of Portfolio Management. His research has been presented at many international and national conferences, and featured in media such as BBC, Economist, New York Times, Wall Street Journal, Washington Post, MSN Money, and Smart Money.

Professor Han has received a variety of fellowships, grants and prizes for his outstanding work. He currently serves as the Editor at Financial Management, and Associate Editor at Journal of Economic Dynamics and Control, Journal of Empirical Finance, International Review of Finance, and Pacific-Basin Finance Journal. Professor Han holds a Ph.D. in Finance from Anderson Graduate School of Management, UCLA (2002) and a Ph.D. in Mathematics from University of Chicago (1997).