题目：Political connections and firm performance: Evidence from government officials' site visits
报告人：姚澄雪浙江大学经济学院
时间：2019年4月8日下午1: 00 -3: 00
地点：博萃楼阳光房
论文：学院内网
【内容摘要】This study uses government officials' corporate site visits as a measurement of political connection and examines how political connection affects firm performance. Using a novel dataset on government officials' site visits from 2004 to 2014, we find that firm performance increases following corporate site visits by government officials. This study finds that firms obtain more new investment projects and bank loans, improve corporate governance, and decrease information asymmetry as well. Government officials' site visits are also associated with positive abnormal stock returns, indicating that investors interpret government officials' site visits as signal of government endorsement and support. Using China's recent anti-corruption campaign as an exogenous shock, we find that political connections are more valuable in the absence of political corruption.
【报告人简介】姚澄雪，浙江大学经济学院博士研究生，研究方向为公司金融与资本市场，研究成果发表在Applied Economics、Pacific-Basin Finance Journal等学术刊物。
