金融与财务学系系列讲座之286期

时   间：2023年6月13日（周二）13:30-15:00

地   点：史带楼604室

主   题：Aggregate Market Disagreement and Corporate Investment

演讲者：John Wei  Chair Professor of Financial Economics, The Hong Kong Polytechnic University

主持人：耿哲 复旦大学管理学院

摘    要：

Following Yu’s (2011) bottom-up approach, we construct aggregate disagreement based on dispersion in analyst forecasts of firm long-term earnings growth. This easy-to-construct disagreement measure dominates and, in some cases, subsumes the existing economic uncertainty measures in predicting macroeconomic downturns. This disagreement measure also negatively predicts corporate investment, especially during high investor sentiment periods. We analogously construct aggregate dispersion based on dispersion in analyst forecasts of firm one-year earnings and surprisingly find that this dispersion measure positively predicts corporate investment, especially during high sentiment periods. We provide explanations for these opposite results.

简   介：

Professor John Wei is currently Chair Professor of Financial Economics at The Hong Kong Polytechnic University (PolyU). He received his PhD in Finance from the University of Illinois, Champaign-Urbana. He previously taught at University of Mississippi, University of Miami, and Indiana University. Before joining PolyU, he served as Chair Professor of Finance at Hong Kong University of Science and Technology (HKUST) and had worked there for 24 years. Professor Wei’s research interests are mainly in the areas of empirical asset pricing, international finance, and corporate governance. He has published more than sixty articles in leading finance and accounting journals, including JF, JFE, TAR, MS, JFQA, among others. He currently serves as co-editor-in-chief of PBFJ.

金融与财务学系

2023-6-8