岭南学术论坛－经济学系列Seminar－Finance, Organization and Misallocation  

岭南学术交流会（经济系）

报告题目：Finance, Organization and Misallocation   

报 告 人：朱晓冬 （加拿大多伦多大学  教授）

主 持 人：彭玉磊（中山大学岭南学院 助理教授）

时     间：2018年12月3日（周一）下午 16:00-17:30

地     点：叶葆定堂201

语     言： 中文+英文

Abstract：

We study financial frictions and limits to delegation in a model with endogenous hierarchies. We show that due to endogenous span of control, financial frictions have a much more persistent effect on capital misallocation than a standard Lucas span of control model commonly used in the misallocation literature. We also study managerial contracting frictions in this framework. Weak contract enforcement prevents productive firms from hiring outside managers and increasing their span of control. While the financial friction generates capital wedges mainly for smaller firms with insufficient collateral, the managerial contract friction generates output wedges that increase with firm size. We jointly quantify the impact of these two frictions on aggregate productivity using micro data from China. We find that, in the Chinese context, eliminating these two frictions can increase labor productivity by up to 16%. About half of the increase is from eliminating the managerial friction. 

报告人简介：

        朱晓冬教授现为加拿大多伦多大学经济学教授，上海交通大学高级金融学院特聘教授。朱教授于1991年在美国芝加哥大学获得经济学博士，主要的研究领域包括经济增长与发展、公共财政以及宏观金融。这些年以来，先后在Journal of Political Economy, Journal of Monetary Economics, Journal of Economic Theory，Journal of Economic Perspective，Journal of Money, Credit, and Banking，Journal of Development Economics等国际顶级期刊上发表多篇重要论文，他对经济增长、财政政策和中国宏观经济都有很多独到见解。他参与编辑和合著了多本关于中国经济发展与转型的书籍，例如Private Enterprises and China’s Economic Development，China at Cross-Road等，他还担任并担任China Economic Review和China Journal of Economics杂志联合主编。

        更多个人信息，请参见http://homes.chass.utoronto.ca/~xzhu/

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