主讲人：David McLean（美国乔治城大学）

讲座摘要：Earlier studies find that emerging market economies with more liberalized equity markets grow faster. Some studies conclude that liberalization caused the growth, while others contend that contemporaneous economic policies and prevailing economic conditions played important roles. The causal argument contends that foreigner-investability in public firms leads to lower discount rates, and greater share issuance, investment, and efficiency. Using three separate measures of foreign-investability, we do not find evidence of these effects. We further find that commonly used de jure foreigner-investability measures are poor de facto measures. Several economic indicators, which are not directly influenced by equity market liberalization, grow faster in countries with more investable firms. Taken in their entirety, our findings suggest that foreigner-investability cannot fully account for the equity market liberalization-growth relation.

时间：10月21日（星期五），早上8:30-10:00

线上会议：腾讯会议（会议号：302 419 281）

主讲人简介：David McLean 教授是乔治城大学 McDonough 商学院教授，他的研究方向为资本市场的不完备性及其对资产价格与公司治理所产生的影响。McLean 教授在Journal of Finance、Journal of Empirical Finance 和Review of Financial Studies等国际知名期刊发表了大量文章，他的研究成果荣获了the Amundi Smith Breeden Award for the best paper in Journal of Finance、the Jensen Prize for the best paper in the Journal of Financial Economics、the Q-Group’s Roger Murray Prize for quantitative research in finance 等多个奖项。McLean教授还担任Management Science 等知名学术期刊的编委会成员。

主办：中国互联网经济研究院

此次讲座获得北京高等学校卓越青年科学家计划资助（BJJWZYJH01201910034034），特此致谢。