一、主题:Medical Innovation, Labor Productivity, and the Cross Section of Stock Returns
二、主讲人:周彤,中山大学岭南学院金融系助理教授。他获得香港大学金融学博士学位,本科和硕士就读于中山大学。研究领域包括资产定价、市场微观结构,以及技术创新管理。他曾在世界一流学术会议宣读论文并受邀担任评论人,包括ABFER、CICF、EFA、FMA、FMA Asia Pacific、FMA Europe、MFA、SFS Cavalcade等。其研究成果发表于《中国管理科学》和《中国农村观察》等期刊。
三、时间:2018年4月25日(周三),12:30-13:30
四、地点:学院南路校区主教学楼913会议室
五、主持人:黄志刚,太阳成集团tyc33455cc官网副教授
摘要:Medical innovation promotes health, facilitates human capital accumulation, and influences asset prices. Using a manually collected dataset on drug approvals to identify medical innovation, I find that, on the aggregate level, a higher medical innovation shock predicts higher labor productivity growth and TFP growth up to the next five years. Consistent with a production-based model, firms with higher stock-return loadings on medical innovation shocks employ more human capital, are more volatile in future performance, and have higher future stock returns. Further tests confirm that medical shock is a systematic risk, one whose price is about 5% per year. Overall, my findings collectively highlight medical innovation in asset pricing through the channel of human capital.