學(xué)術(shù)信息
學(xué)術(shù)講座：Reward-Timing Uncertainty and R&D Investment
日期：2017-09-11 | 訪問量：
學(xué)術(shù)講座：Reward-Timing Uncertainty and R&D Investment
講座題目：Reward-Timing Uncertainty and R&D Investment 講座人：遲健心 時(shí)間：2017年9月27日 13:30-15:30 地點(diǎn)：博學(xué)925 講座人簡(jiǎn)介： 遲健心博士現(xiàn)于內(nèi)華達(dá)大學(xué)拉斯維加斯校區(qū) (UNVL)就任金融系終身教授。他已在全球領(lǐng)先的金融研究期刊發(fā)表多篇學(xué)術(shù)論文，并經(jīng)常在國(guó)際金融會(huì)議和高校研討會(huì)發(fā)表學(xué)術(shù)講座。他曾在全美數(shù)所高校教授投資，金融管理，金融模型，資本市場(chǎng)，美聯(lián)儲(chǔ)的運(yùn)作等多門課程。他的研究領(lǐng)域廣泛，包括公司治理，經(jīng)理人薪酬，現(xiàn)金管理，市場(chǎng)競(jìng)爭(zhēng)，公司價(jià)值評(píng)估，盈余管理，及公司并購(gòu)等課題。他曾獲得多項(xiàng)科研基金資助，包括國(guó)家自然基金重點(diǎn)項(xiàng)目。他曾獲得內(nèi)華達(dá)大學(xué)金融系最佳科研獎(jiǎng)及最佳教師獎(jiǎng)。在進(jìn)入學(xué)術(shù)界之前，他在中美兩國(guó)有多年的從業(yè)經(jīng)驗(yàn)，涉及領(lǐng)域包括國(guó)際商務(wù)，市場(chǎng)營(yíng)銷，商務(wù)分析，運(yùn)營(yíng)管理等。 講座摘要： In contrast to the common belief that uncertainty decreases investment, we show that uncertainty in the timing of future reward actually increases R&D investment. This surprising result arises from the convexity of the time discount function, which we show theoretically through an illustrative model. To empirically measure reward-timing uncertainty, we use a special feature of language, future-time reference (FTR), which refers to how a language marks the timing of future events. We find that weak-FTR language speakers perceive higher reward-timing uncertainty and pursue more R&D investment. The results obtain at the country, firm, and CEO level and are robust to various model specifications and endogeneity checks.