w88 casino News Network (provided by China Institute of Finance)On June 14, the second "Shanghai University of Finance and Economics-w88 casino Bilateral Finance Academic Seminar" co-sponsored by the China w88 casino of Finance of the w88 casino and the w88 casino of Finance of Shanghai University of Finance and Economics was held in Tongde Building of Shanghai University of Finance and Economics. Professor Yang Jinqiang, Dean of the w88 casino of Finance, Shanghai University of Finance and Economics, and Professor Liu Jinyu, China w88 casino of Finance, w88 casino, delivered speeches at the meeting. Professor Feng Ling, deputy dean of the w88 casino of Finance at Shanghai University of Finance and Economics, presided over the meeting.
In order to accelerate the joint construction and promotion of finance disciplines, consolidate the friendship and academic interaction between the two universities, create a better academic ecosystem, and contribute high-quality academic results to the high-quality development of my country's finance, the two universities will launch the "w88 casino-Shanghai University of Finance and Economics Bilateral Financial Academic Seminar" series of seminars and exchanges in 2024, and will be held regularly. The second seminar specially invited Professor Yao Wenxiong from the w88 casino of Business of Georgia State University in the United States to give a keynote speech. A total of 6 latest high-level unpublished academic reports from teachers from both schools were arranged. Participants were also invited to conduct in-depth discussions.
Opening Speech
At the opening ceremony of the seminar, Professor Yang Jinqiang, Dean of the w88 casino of Finance at Shanghai University of Finance and Economics, said in his speech that this bilateral academic seminar brought together many outstanding experts and scholars from both universities. They brought the latest research results to explore hot issues in the financial field from multiple dimensions, which was of very positive significance. It is hoped that the participants can fully communicate, promote new breakthroughs in financial academic research between the two universities, and contribute high-quality results to the development of domestic financial undertakings.
In his speech on behalf of the w88 casino, Professor Liu Jinyu reviewed the grand occasion when the two schools held the first seminar. In particular, the first seminar became a hot topic on social platforms, arousing enthusiastic attention from teachers and students, demonstrating the influence of academic exchanges and cooperation between the two schools. She looks forward to this seminar continuing to spark academic sparks, continuing the friendship between the two schools, and further consolidating the tradition of continued cooperation in such excellent academic activities.
Keynote report
Professor Yao Wenxiong from Georgia State University Business w88 casino was invited to give a keynote report on the theme of "Sleepy Deposits" to the seminar. He started from the competition between financial technology and the traditional banking industry, combined with the case of the US banking crisis caused by Silicon Valley Bank's bond book losses due to interest rate hikes, and pointed out that the dormant state of savings deposits (deposits) plays a crucial role in the survival of banks.
Professor Yao Wenxiong analyzed 12 million account data from 89 banks in the United States and found that most accounts are dormant. The accounts of savers over 65 years old have been retained for an average of 19 years, and the proportion of active accounts is low. By building a model, he explored the decision-making rules of how banks balance attracting new depositors and profiting from existing depositors by setting interest rates, and demonstrated that if all accounts were activated, bank profit margins and valuations would drop significantly, thus revealing the financial phenomenon that bank survival relies on the dormant state of deposits.
Paper exchange
In the paper discussion session, six speakers shared their views on a number of hot issues in the financial field. The report topics cover financial history, financial intermediation, environmental finance, capital markets, policy experiments, household finance and other fields, and have both theoretical depth and practical significance. The discussions were lively and enlightening.
Associate Professor Sun Yuchen of the w88 casino shared a report on "Bonds of Love: Patriotism and the Rise of Modern Banks". Taking the late Qing Dynasty and the Republic of China as the background, and based on the social contract theory, the number of anti-tax riots was used to measure the impact of patriotism on the modern banking industry. The study found that areas with heightened patriotism after World War I were more aggressive in purchasing government bonds, fueling the development of new banks. She used massacre data in the early Qing Dynasty as an instrumental variable to solve the endogeneity problem and confirmed that patriotism indirectly promoted the development of the modern banking industry through bond issuance and caused investor trust to spread from government-run banks to private banks.
Subjective Expectations and Financial Intermediation, written by Assistant Professor Lu Kai of Shanghai University of Finance and Economics, explores the impact of loan officers’ subjective macro expectations on credit allocation through a pre-registration survey experiment on China’s large lending platform. The study found that loan officers' expectations for inflation, GDP growth and LPR can significantly affect loan interest rates and willingness to lend. The study shows through information intervention experiments that expectations can be guided, and experienced loan officers are relatively insensitive to expected fluctuations, while loan officers with optimistic expectations are more tolerant to the deterioration of borrowers' fundamentals.
"The Value of Pollution Information: Air Quality Monitoring and Analyst Forecasts" written by Zhuan Zhuang from the w88 casino focuses on the real-time disclosure of PM2.5 data by China's air quality monitoring stations in 2013, and analyzes the impact of pollution information on analyst forecasts. This study empirically shows that after the establishment of monitoring stations, analysts' forecasts for companies with high pollution levels will be more pessimistic, and this effect is more significant in industries with strong local environmental regulations and pollution-intensive industries. If the company's ESG performance is good, the effect will weaken.
Professor Li Yao of Shanghai University of Finance and Economics focused on "Research on the Relationship between Inquiry-based Review and IPO Underpricing under the Registration System" and took the Shanghai Stock Exchange Science and Technology Innovation Board as a research sample to analyze the impact of exchange inquiries on IPO underpricing under the registration system. The study found that the greater the intensity of the inquiry review and the more negative the attitude, the higher the IPO underpricing rate. Since inquiry-based review affects underpricing by increasing the number of risk disclosures in prospectuses and mainly affects primary market pricing, institutional investors will refer to inquiry letters to price prudently.
"Manipulatable Policy Experimentation" by Associate Professor Wei Jianxing of the w88 casino analyzes the manipulative behavior in policy experiments under a hierarchical structure through model construction. Research points out that when policymakers entrust local governments to implement policy experiments, local officials tend to manipulate the experimental results due to professional reputation motives. The larger the scale of the experiment, the higher the degree of manipulation. There is a w88-off between quantity and quality. This study therefore concludes that the optimal scale of policy experiments requires a balance between information acquisition and manipulation costs.
Dr. Zhao Wenyu of Shanghai University of Finance and Economics’ “Research on the Impact of Spousal Income Gap on Household Savings Rate” is based on CHFS data. Through theoretical models and empirical analysis, it is found that the spousal income gap increases household savings rate by increasing household income risks. The study shows through inhibitory analysis that this effect is particularly significant among households with large income risk exposure and high risk aversion. As the per capita income of a family increases, the impact of the income gap between husband and wife on savings gradually weakens.
The seminar concluded with a friendly and lively discussion. This bilateral financial academic seminar strengthened the academic ties between Shanghai University of Finance and Economics and the w88 casino in the financial field, and also injected new vitality into the exploration and development of the financial academic circles of the two schools. The two universities will continue to deepen bilateral academic cooperation, expand the scope of exchanges, promote the output of more high-quality research results, and contribute to the development of China's financial disciplines and the progress of financial practice.
