题　目：Capital Heterogeneity, Time-To-Build, and Return Predictability

嘉　宾：罗顶 助理教授 香港城市大学

主持人：张澄宇 副助理授 上海交通大学安泰经济与管理学院

时　间：2025年3月12日（周三）13:30-15:00

地　点：上海交通大学 徐汇校区安泰包图A507室

内容简介:

This study explores how and why the two major types of business investment, namely, equipment investment and structure investment, are differently linked to stock returns. I empirically show the significantly stronger predictive power of equipment (vs. structure) investment for stock market returns, both in-sample and out-of-sample. To explain this empirical finding, I build a general equilibrium production model featuring a shorter time-to-build for equipment investment than for structure investment. In the model, equipment investment reacts to productivity shocks more timely, and reflects more of the information contained in stock prices.

演讲人简介：

Ding Luo joined City University of Hong Kong as an Assistant Professor of Finance in August 2018. He received his PhD in Finance from Carlson School of Management at University of Minnesota. Dr. Luo specializes in empirical and theoretical asset pricing, and macro finance. His research has been published in Review of Financial Studies and presented in international conferences, including American Finance Association Annual Meeting, European Finance Association Annual Meeting, SFS Cavalcade North America, China International Conference in Finance, Northern Finance Association Annual Meeting, Econometric Society meetings, and Society for Economic Dynamics Annual Meeting.

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