冷铁成，新加坡管理大学金融专业博士，现中山大学岭南学院助理教授。主要研究领域包括实证企业金融学、创业经济学、政治经济学。已在Management Science，Pacific-Basin Finance Journal等期刊公开发表了The Impact of Budget Constraints on Flexible versus Dedicated Technology Choice，Paying for Pollution: Air Quality and Executive Compensation等5篇论文。
腾讯会议号：769 602 215
讲座题目：Going Extreme: The Impact of Political Polarization on Corporate Investment
讲座摘要：Using data on roll-call voting patterns of U.S. state legislators from 1993 to 2016, we find a negative relationship between firm investment and state legislative polarization, measured as the ideological distance between the Democratic and Republican party medians. An increase of one standard deviation in the average within-state polarization leads to a 4.5% reduction in firm investment rates, controlling for growth opportunities and economic conditions. In response to heightened political polarization, firms are more likely to move their corporate headquarters to less polarized states. We find that polarized states have lower passing rates for legislative bills and higher volatility in economic policy, suggesting that legislative gridlock and policy instability may be two possible mechanisms through which polarization affects firm decisions. Our paper provides new insights into the real effects of political polarization.