一、主題：Animal Spirits: Stock Market Volatility and Loan Office Decision Making

二、主講人：汪勇祥，南加州大學Marshall商學院金融學副教授（終身教職）。2010年畢業于美國哥倫比亞大學商學院金融系，獲得博士學位，本科碩士就讀于中國人民大學。研究方向包括實證公司金融、政治經濟學、組織經濟學和行為經濟學。汪教授的文章發表在頂尖經濟學，金融學，會計學和管理學期刊，包括Journal of Political Economy, Review of Economic Studies, American Economic Journal: Applied Economics, Journal of Financial Economics, Review of Financial Studies，Journal of Accounting and Economics, Management Science等雜志。他的研究獲得了美國、英國、澳大利亞，以及中國國家自然基金的資助。其成果被Wall Street Journal, Business Week, The Economist, New York Times, Science等經濟、金融和科學媒體報道。

三、時間：2018年6月6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

Abstract: Using data from a large Chinese bank, we find that daily stock market performance has a significant effect on the decision making of loan officers in a manner difficult to reconcile with rational choice theory. A one standard deviation increase in daily stock market volatility leads to approved loans having a 5.3% lower probability of entering distress, a 5.6% increase in loan size, and increase in the borrowing firm's credit scores. We explore a range of potential mechanism and find the most support for stock market volatility leading to an increase in the contemporaneous risk aversion of loan officers.