一、主題：Housing Market and Entrepreneurship: Micro Evidence from China

二、主講人：韓冰，多倫多大學羅特曼管理學院教授，TMX資本市場主席。主要研究領域為行為金融、資産定價、風險管理以及房地産金融。他目前已在國際高水平期刊上發表論文幾十篇，如Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Economic Theory, Management Science, Journal of Financial and Quantitative Analysis, Review of Finance等。New York Times, Wall Street Journal, Smart Money等财經雜志也都對他的研究進行過專題報道，是其所在領域非常有影響力的經濟學家。此外，他還是Financial Management, International Review of Finance, Journal of Economic Dynamics and Control, Journal of Empirical Finance等國際一流雜志的主編或副主編，是Journal of Finance, Journal of Financial Economics, Review of Financial Studies等多個雜志的評審人。

三、時間：2020年12月21日（星期一），10:00 -11:30

四、地點：騰訊會議【110 961 584】

五、主持人：朱菲菲，應用金融系助理教授

六、摘要：

Using a unique survey data of Chinese households, we study the impact of house price growth and house price risk on entrepreneurship. House price risk, measured as the sensitivity of house price growth to local GDP growth, negatively impacts the entrepreneurship of homeowners relative to renters. This finding is concentrated only among sophisticated households and is consistent with the portfolio effect when housing and occupational choices are integral parts of the household portfolio. Moreover, a high past house price growth reduces the entrepreneurship of homeowners relative to renters. This holds for both sophisticated and unsophisticated households. We propose a new economic channel based on extrapolative belief and provide further supportive evidence.