“匡时杰出学者”系列讲座
演讲题目
主讲人
刘晓蕾
北京大学博雅特聘教授
联合主办单位
时 间
参会链接
腾讯会议：606-492-012
主讲人简介
刘晓蕾，北京大学博雅特聘教授，北京大学经济与管理学部副主任，光华管理学院金融学系主任，金融学及会计学系教授，北京大学新金融和创业投资研究中心主任，光华管理学院金融硕士项目执行主任，全国金融硕士专业学位研究生教育指导委员会委员。她在美国罗切斯特大学获得博士学位，其学术论文曾多次获得国内外奖项，包括安子介国际贸易研究奖、金融研究最优论文奖、美国西南金融协会最佳博士论文奖、美国西部金融协会最佳公司金融论文奖、亚洲金融协会最优论文奖、中国国际金融会议最优论文奖、中国金融研究会议最优论文奖等。
她现担任学术期刊Pacific-Basin Finance Journal以及《经济管理学刊》的联席主编，Journal of Empirical Finance、《经济学（季刊）》以及《国际贸易问题》的编委。她的论文曾发表于许多国内际顶级学术期刊，包括Journal of Political Economy、Journal of Finance、Journal of Financial Economics、Review of Financial Studies、Journal of Monetary Economics、Management Science，管理世界、金融研究、国际金融研究等。她曾获得北京大学曾宪梓优秀教学奖。她的研究领域为金融市场及公司金融，近些年致力于中国问题研究。在加入北大光华前，她曾任教于香港科技大学，并取得终身教职（tenure）。
论文题目：Supply Chain Localization in China
论文摘要：This paper provides firm-level evidence on the outcomes of agglomeration by investigating supply chain localization. Using China’s enterprise entry and exit data, we find that local supply chain growth positively predicts future stock returns. A value-weighted portfolio that longs stocks with the highest local supply chain growth and shorts stocks with the lowest growth earns a significant Fama-French five-factor alpha of 0.628% (t-statistic = 3.61) per month. Evidence on accounting performance and analyst forecasts further supports that local supply chain growth promotes firm development and that market underreaction leads to return predictability. This predictability is even more pronounced among firms in the secondary sector and those heavily reliant on their customers and suppliers. Furthermore, we delve into the concept of “local” by exploring the geographical scope of agglomeration and the role of local governments in shaping the impact of local supply chain growth. We find that the effects are much stronger across cities in the same provinces comparing to cities in different provinces with similar distances; and the effects are much stronger when the supply chain is supported by local industrial policies. This study enhances our understanding of how supply chain localization affects firm performance and the local governments’ role in supply chain construction.