题　目：Political Announcement Return

嘉　宾：刘洋 副教授 香港大学

主持人：杨彪 助理教授 上海交通大学安泰经济与管理学院

时　间：2024年5月24日（周五）10:00-11:30

地　点：上海交通大学 徐汇校区安泰楼A507室

内容简介:

Major political events, such as elections and State of the Union (SOTU) address in the U.S., reveal government policy agenda for an upcoming political cycle. Similar to macroeconomic and monetary policy announcements, stock market returns soar to 50 bp on Election and 30 bp on SOTU days, relative to 3 bp daily average. Political announcement returns increase in adverse times of low economic growth and high aggregate volatility, and exhibit pre-announcement drift. We develop an illustrative model for political announcements that incorporates channels of early resolution of uncertainty and optimal choice of government policy to account for the novel evidence.

演讲人简介：

Professor Yang Liu is an Associate Professor of Finance at the University of Hong Kong. His research interests span international finance, and macroeconomics. He published in top academic journals such as Journal of Financial Economic, Review of Financial Studies, Journal of Monetary Economics, and won numerous research awards. He was a visiting scholar at the International Monetary Fund and a research associate at the Federal Reserve Bank of Philadelphia. He received his Ph.D. in Economics from the University of Pennsylvania.

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