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

二、主講人：周彤，中山大學嶺南學院金融系助理教授。他獲得香港大學金融學博士學位，本科和碩士就讀于中山大學。研究領域包括資産定價、市場微觀結構，以及技術創新管理。他曾在世界一流學術會議宣讀論文并受邀擔任評論人，包括ABFER、CICF、EFA、FMA、FMA Asia Pacific、FMA Europe、MFA、SFS Cavalcade等。其研究成果發表于《中國管理科學》和《中國農村觀察》等期刊。

三、時間：2018年4月25日（周三），12:30-13:30

四、地點：學院南路校區主教學樓913會議室

五、主持人：黃志剛，bevictor伟德官网副教授

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.