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学术讲座:Reward-Timing Uncertainty and R&D Investment

 

讲座题目:Reward-Timing Uncertainty and R&D Investment
讲座人:迟健心
时间:2017927 13:30-15:30
地点:博学925
讲座人简介:
迟健心博士现于内华达大学拉斯维加斯校区 (UNVL)就任金融系终身教授。他已在全球领先的金融研究期刊发表多篇学术论文,并经常在国际金融会议和高校研讨会发表学术讲座。他曾在全美数所高校教授投资,金融管理,金融模型,资本市场,美联储的运作等多门课程。他的研究领域广泛,包括公司治理,经理人薪酬,现金管理,市场竞争,公司价值评估,盈余管理,及公司并购等课题。他曾获得多项科研基金资助,包括国家自然基金重点项目。他曾获得内华达大学金融系最佳科研奖及最佳教师奖。在进入学术界之前,他在中美两国有多年的从业经验,涉及领域包括国际商务,市场营销,商务分析,运营管理等。
讲座摘要:
In contrast to the common belief that uncertainty decreases investment, we show that uncertainty in the timing of future reward actually increases R&D investment. This surprising result arises from the convexity of the time discount function, which we show theoretically through an illustrative model. To empirically measure reward-timing uncertainty, we use a special feature of language, future-time reference (FTR), which refers to how a language marks the timing of future events. We find that weak-FTR language speakers perceive higher reward-timing uncertainty and pursue more R&D investment. The results obtain at the country, firm, and CEO level and are robust to various model specifications and endogeneity checks.