海外青年學(xué)者系列講座之二：Venture Capital Market and Quantitati

SBF-UIBE 海外青年學(xué)者系列講座之二

 

題目： Venture Capital Market and Quantitative Easing

 

演講人： 汪通  博士

 

演講人單位：意大利歐洲大學(xué)學(xué)院（European University Institute）經(jīng)濟(jì)學(xué)博士后；法國圖盧茲經(jīng)濟(jì)學(xué)院（Toulouse School of Economics）經(jīng)濟(jì)學(xué)博士

 

時(shí)間： 2012年 4月 26日 13:30分

 

地點(diǎn)：博學(xué)樓925室

 

內(nèi)容摘要：The paper investigates how the recent "quantitative easing" policy of Federal Reserve Bank affects the venture capital market. In the VC market, a whole business process of an enterpreneur consists of two steps: searching and commercializing. In the commercializing stage, one enterpreneur who can be either efficient or inefficient must attract the financial support of VCs for further business operation. We show that, under some plausible assumptions, Quantitative easing exacerbates ex-ante adverse selection problem by encouraging inefficient type to participate, but ex-postly allows more projects to be financed. We show that, the socially optimal financial strategy of venture capitalists is a "cut-off" strategy and it should impose a large enough project quality criteria to achieve full screening, i.e., the inefficient type should be totally excluded from the market. We also discuss how the quantitative easing policy affects the optimal quality level.

 

下期講座預(yù)告： 5月 3日 14:30，法國央行曹知立，題目為Liquidity, Maturity and Debt Structure，地點(diǎn)博學(xué)樓925室。

 

主辦單位：金融學(xué)院金融研究所 應(yīng)用金融研究中心

 

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