一、主題：The Bright Side of Political Uncertainty: The Case of R&D

二、主講人：冷鐵成，中山大學嶺南學院金融系助理教授，新加坡管理大學金融學博士。主要研究領域包括公司金融、企業創新、政治金融、供應鍊金融等。其研究成果曾發表在Management Science國際期刊，并參加2014 NBER Entrepreneurship Research Boot Camp。

三、時間：2015年9月29日（周二），14:00-15:30

四、地點：bevictor伟德官网 學術會堂603

五、主持人：姜富偉，bevictor伟德官网講師

論文摘要：We examine the relationship between political uncertainty and R&D investment by exploiting the timing of U.S. gubernatorial elections as a source of plausibly exogenous variation in uncertainty. In contrast to the literature documenting negative effects of political uncertainty on real investment, we find that uncertainty over government policy encourages firm-level R&D. Firms increase R&D investments by an average of 4.6% in election years relative to non-election years. The uncertainty effect is stronger in hotly contested elections, in politically sensitive and hard-to-innovate industries, and in firms subject to higher growth options and greater product market competition. Our findings suggest that, as predicted by models of investment under uncertainty, the real effects of political uncertainty depend on the properties of the investment and the degree of product market competition and therefore the total effect of political uncertainty on the long-run growth of an economy is unclear.