| 主讲人简介： | Harald Hau is a Swiss Finance Institute Professor of Finance at the University of Geneva, and a full professor at the Geneva School of Economics and Management (GSEM). Harald Hau taught Finance at INSEAD for 10 years in the MBA program and various executive programs before joining the Swiss Finance Institute in 2011. He is a research fellow at the Center for Economic Policy Research (CEPR), London; the Center for Economic Studies (CES), Munich; and the Hong Kong Institute for Monetary Research (HKIMR), Hong Kong. He also worked as a visiting scholar at the International Monetary Fund, and as the Wim Duisenberg Research Fellow at the European Central Bank.
His research focuses on international finance and financial stability issues. He has published widely in top finance, economics and policy journals. His research won the Joseph de la Vega Prize of the Federation of European Stock Exchanges, best paper prize of the Foundation Europlace Paris, and the Standard Life Prize of the European Corporate Governance Institute. |
| 讲座简介： | In geographically segmented credit markets, local real estate booms can deteriorate the funding conditions for small manufacturing firms and undermine their growth and competitiveness. Based on exogenous variations in the administrative land supply for residential housing across Chinese cities, we show that real estate price hikes caused by a restrictive land supply reduce bank credit to small firms, raise their borrowing costs, diminish their investment rate, compromise their output and productivity growth, and increase their exit rates. Such harmful effects are more pronounced among small firms and those located in more bank-dependent regions. |
