题目：Kim’s Shock: Geopolitical Crisis and Corporate Investment
报告人：Assistant Professor, Wuhan University
报告人简介：薛畅教授主要研究领域为公司金融、金融经济学及发展经济学，曾在Review of Finance, China Economic Review和《经济研究》等中英文刊物发表论文。
报告主要内容：Geopolitics, determined by bilateral or multinational relations, is an important source of political uncertainty for each country. This study examines whether and how six nuclear tests by North Korea, as exogenous shocks increasing geopolitical uncertainty, affects Chinese listed firms’ investment by using difference-in-differences that the distance from the nuclear site is employed as their exposure to the shock. We find that firms closer to nuclear site would significantly decrease the investment in the quarter following a nuclear boom, while missile tests by North Korea do not matter. Such effects of nuclear tests are weakened for state-owned firms, especially for central state-owned firms. Also, we find that firms of more redeployability and of externally financial dependence are more vulnerable to the uncertainty resulted from nuclear booms and the growth of banking credit, measured by the data across prefectures, has been significantly impeded after a boom.