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王赫|第234期双周学术论坛

作者:     日期:2018-05-07    来源:

  一、主题:Do Markets Price Politician’s Ability? Evidence from China's LGFV Bond Market

  二、主讲人:王赫,北京大学国家发展研究院2015级博士生,导师为姚洋教授。研究方向为政治经济学,研究兴趣集中在地方官员选拔与地方政府治理。

  三、时间:2018年5月9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

 

  论文摘要:Politician’s ability is usually difficult to observe or evaluate. Consequently, a nontrivial question is whether the market is effective in evaluating political leaders, as the stock market reacts to CEO’s managing ability. Combining a unique first-hand dataset on Chinses local politicians’ characteristics with LGFV bond information, we find the LGFV bond yield spread is correlated with politician’s economic ability. The increase of politician’s economic ability in one standard deviation will decrease the bond yield spread in 0.2 percentage point after controlling city and year fixed effect. Moreover, government officials are more influential on LGFV bond market in those less market-based cities, which we conclude as a substitution effect between the government and the market.