主題：Firms’ Internal Networks and Local Economic
Shocks（企業内部組織結構與經濟沖擊的溢出效應）
主講人：Xavier Giroud, 哥倫比亞大學商學院金融學副教授
日期：2018年5月30日（周三）
時間：上午10:00 - 11:30
地點：清華Betvictor中文版4号樓101教室
語言：英文
摘要：
This paper
shows that local economic shocks spill over to distant regions through firms’
internal networks, and that such spillovers matter economically by affecting aggregate
employment in those regions. Using confidential micro data from the U.S. Census
Bureau, we find that establishment-level employment responds strongly to shocks
in other regions in which the firm is operating. Consistent with theory, the
elasticity of establishment-level employment with respect to shocks in other regions
increases with firms’ financial constraints. Also, establishments belonging to
firm networks exhibit smaller employment elasticities with respect to (their
own) local shocks. To account for the impacts of general equilibrium
adjustments, we examine aggregate employment at the county level. Similar to
what we found at the establishment level, we obtain large elasticities of
county-level employment with respect to shocks in other counties linked through
firms’ internal networks.
主講人簡介:
Xavier Giroud is the Roger F. Murray Associate Professor
of Finance at Columbia Business School. He is also a Faculty Research Fellow at
the National Bureau of Economic Research (NBER) and a Research Affiliate at the
Centre for Economic Policy Research (CEPR).
Giroud's research interests are in the area of corporate
finance and corporate governance. In particular, his work examines how
companies allocate (and misallocate) resources across company units, the
interplay between finance and labor, corporate taxation, corporate governance,
and venture capital. His research has appeared in leading academic journals,
including the Quarterly Journal of
Economics, Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. He has
received various research awards, including the Herman E. Krooss Award for the
best doctoral dissertation across all disciplines at the Stern School of
Business, New York University. Before joining Columbia, Giroud was the Ford
International Career Development Professor of Finance and an Associate
Professor of Finance at the MIT Sloan School of Management.
Giroud holds an MA in quantitative economics and finance
from the University of St. Gallen as well as an MPhil in finance and a PhD in
finance from the Stern School of Business, New York University.
