一、主题：Medical Innovation, Labor Productivity, and the Cross Section of Stock Returns

二、主讲人：周彤，中山大学岭南学院金融系助理教授。他获得香港大学金融学博士学位，本科和硕士就读于中山大学。研究领域包括资产定价、市场微观结构，以及技术创新管理。他曾在世界一流学术会议宣读论文并受邀担任评论人，包括ABFER、CICF、EFA、FMA、FMA Asia Pacific、FMA Europe、MFA、SFS Cavalcade等。其研究成果发表于《中国管理科学》和《中国农村观察》等期刊。

三、时间：2018年4月25日（周三），12:30-13:30

四、地点：学院南路校区主教学楼913会议室

五、主持人：黄志刚，中央财经大学金融学院副教授

摘要：Medical innovation promotes health, facilitates human capital accumulation, and influences asset prices. Using a manually collected dataset on drug approvals to identify medical innovation, I find that, on the aggregate level, a higher medical innovation shock predicts higher labor productivity growth and TFP growth up to the next five years. Consistent with a production-based model, firms with higher stock-return loadings on medical innovation shocks employ more human capital, are more volatile in future performance, and have higher future stock returns. Further tests confirm that medical shock is a systematic risk, one whose price is about 5% per year. Overall, my findings collectively highlight medical innovation in asset pricing through the channel of human capital.