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[Seminar] 財金系 5/12 (五) 上午 10:30 邀請江西師範大學的陳昌志教授演講
活動起日:2017-05-02 
發佈日期:2017-05-02 
瀏覽數:429  2017-05-02 更新

本系擬於 5/12 () 邀請江西師範大學的陳昌志教授至本所進行專題演講,相關訊息如下:

 

【演講訊息】

時間: 5/12 () 10:30-12:00

地點: 管理學院一號館 405 教室

講者: 陳昌志教授

講題: Innovation, Human Capital, and Leverage

 

Abstract:

We study the endogenous interaction among corporate leverage, innovations driven by R&D, and human cost in a unified theoretical framework. We build the model on new empirical finding that debt use hinders a firm’s acquisition of inventive human capital. The model captures several hard-to-explain leverage cross-sectional features: the debt aversion anomaly; an ambiguous leverage-wage relation; a negative leverage-growth relation; a complex leverage-competition relation; a negative leverage-R&D relation; and asymmetry in the leverage-tax sensitivity. The implications of innovation failure tolerance, of human capital risk arising from inventor mobility, and of the related risk management for leverage use are also captured.