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題目：The Network Effects of Agency Conflicts

時間：2024年4月23日10:30-12:00

地點：明德主樓729

匯報人：邢亦青（斯坦福大學(xué)經(jīng)濟學(xué)博士；北京大學(xué)國家發(fā)展研究院長聘副教授）

主持人：趙瑋（中國人民大學(xué)經(jīng)濟學(xué)院講師）

摘要：

We argue that firm-level agency conflicts not only counter the role of network structure in the propagation of shocks but they can have a significant impact on system-wide behavior that differs from those predicted based on network structure alone. This implies that corporate governance can play an important role in macro fluctuations.

We consider a collection of firms linked through equity cross-holdings whose managers can make investment decisions in response to an exogenous shock. Prior work concludes that more integrated networks amplify shocks. We find that if managers are subject to default costs or limited liability, this effect is reversed because their investment decisions mitigate the spread of an initial shock. In the face of moral hazard, however, their investment choices amplify an initial shock. In particular, when the network is fully diversified, the aggregate effect of idiosyncratic shocks does not diminish as received wisdom would suggest.

個人簡介：

邢亦青，北京大學(xué)國家發(fā)展研究院長聘副教授、研究員、博導(dǎo)。斯坦福大學(xué)經(jīng)濟學(xué)博士，師從馬修-杰克遜教授；曾任職于美國約翰霍普金斯大學(xué)。研究興趣主要為：社會與經(jīng)濟網(wǎng)絡(luò)、微觀經(jīng)濟理論、市場和機制設(shè)計、發(fā)展經(jīng)濟學(xué)等；十余篇論文發(fā)表在PNAS，Journal of the European Economic Association，RAND，Theoretical Economics，European Economic Review和《經(jīng)濟研究》、《經(jīng)濟學(xué)（季刊）》等國內(nèi)外頂尖學(xué)術(shù)期刊。曾受邀在劍橋、耶魯、普林斯頓、芝加哥、NBER等頂尖院校、機構(gòu)和會議進行學(xué)術(shù)報告；擔(dān)任Nature、PNAS、AER、QJE、MS、JASA等四十余本國際期刊的匿名審稿人。現(xiàn)開設(shè)《社會與經(jīng)濟網(wǎng)絡(luò)》等課程。