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

二、主講人：王赫，北京大學國家發展研究院2015級博士生，導師為姚洋教授。研究方向為政治經濟學，研究興趣集中在地方官員選拔與地方政府治理。

三、時間：2018年5月9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

論文摘要：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.