2022年5月，米兰网页版,米兰（中国）发起成立了“金融学术前沿”大讲堂，迄今已举办10余次学术活动。一批活跃在学术一线的知名金融学者先后分享了最新成果、交流了学术心得。“金融学术前沿”大讲堂不仅为本校师生提供了一个学术交流的高端平台，也吸引了国内外其他兄弟院校师生的参加，累计参加人数接近1000余人，已形成了较大的学术影响力。
为进一步加强学术交流，推动学术发展，米兰网页版,米兰（中国）拟于2024年10月13日在西安交通大学创新港举办“金融学术前沿”研讨会（2024）。现将有关事项公告如下：
一、 主题报告
时间：10月13日：9:00-12:00
地点：西安交通大学创新港涵英楼8004报告厅
主题报告I：Macroeconomic Belief Distortions in Bond Returns
主讲人：朱小能 上海财经大学
内容简介：We construct an economic belief (EB) indicator relying on big data using a machine learning algorithm. It predicts future economic activity, ex ante/ex post macroeconomic belief distortions, future revisions on macroeconomic releases, monetary policy surprises, and interest rate forecast errors. Since EB captures macroeconomic belief distortions, we test a belief-bias version of the unspanning hypothesis under the bounded rational expectations framework and find that the predictive power of EB is unspanned by short rate expectation errors and interest rate skewness. Furthermore, we estimate an unspanned term structure model upon EB and find that it is superior in interest rate forecasts.
主讲人简介：朱小能，上海财经大学金融学院教授、博导、党委书记、校教务处处长，国家级青年人才计划入选者。研究方向包括资产定价、宏观经济、金融科技、货币政策等，研究成果发表在Journal of Financial Economics、Management Science、Journal of Financial and Quantitative Analysis、《经济研究》《金融研究》《管理科学学报》等国内外顶级期刊；多项决策咨询成果获国家领导批示；在《光明日报》《上海证券报》等发表评论文章多篇；主持国家社科重大项目、国家自然科学基金等。
主题报告II：The Pricing of Carbon Risk in the Corporate Bond Market: An International Study
主讲人：王姝晶同济大学
内容简介：We analyze the pricing of carbon risk in a cross-section of 102,313 corporate bonds issued by 4,728 publicly traded firms across 70 countries. We find that prior to the Paris Agreement, the relationship between carbon intensity and future bond returns is insignificant. However, following the Paris Agreement, a positive carbon risk premium starts to emerge. The positive carbon premium observed in the post-Paris Agreement period is more pronounced in countries with stricter climate policies and greener energy structures. The findings suggest that the market demands a risk premium due to the anticipation of climate policy risk, and carbon risk is partially priced in the global corporate bond market.
主讲人简介：王姝晶，同济大学经济与管理学院教授，博导，香港科技大学金融学博士、美国罗切斯特大学物理化学博士，北京大学物理化学学士，国家万人计划青年拔尖人才计划入选者。研究方向包括资产定价和科技金融，研究成果发表在Management Science、Journal of Financial and Quantitative Analysis、Journal of Corporate Finance、Journal of Banking and Finance、Journal of Empirical Finance、《管理科学学报》《中国工业经济》《金融研究》等国内外顶级期刊；主持国家自然科学基金青年项目和面上项目等。
主题报告III：Are AI the Picky Investors We Need? Scrutinizing Executive Logic with Large Language Models
主讲人：姚加权 暨南大学
内容简介：This study utilizes large language models (LLMs) to analyze the Q&A segments of earnings conference calls (ECCs), identifying logical flaws in executive responses, such as contradictions, reasoning errors, and ambiguities. Leveraging techniques like multiple generations, Chain-of-Thought (CoT) prompting, and reflection mechanisms, we quantify these logical flaws and apply the results to contemporaneous stock market reactions after earnings calls. Our findings reveal that a greater number of logical flaws in executive responses correlates with lower cumulative abnormal returns and higher implied volatility, suggesting that LLMs can effectively evaluate executive credibility, offering valuable insights for investment decisions.
主讲人简介：姚加权，暨南大学管理学院教授、博导，新加坡南洋理工大学金融学博士，西安交通大学理论计量经济学硕士、信息工程学士。研究方向包括金融科技、数字经济、人工智能经济学和非结构化大数据计量经济学，研究成果发表于Review of Financial Studies、Management Science、Journal of Financial and Quantitative Analysis、《管理世界》《管理科学学报》等国内外顶级期刊，以及计算机领域顶级会议WWW和KDD。担任International Journal of Finance Economics (ABS三星)期刊副主编。
主题报告IV：Migration and Municipal Bond Pricing: Evidence from China’s Household Registration Reform
主讲人：张子龙浙江大学
内容简介：This study investigates how cross-city migration impacts municipal bond pricing in China. Traditionally, the country's household registration system, or Hukou system, has heavily restricted cross-city migration. However, with the relaxation of these restrictions, cities experiencing an influx of population show a notable decrease in the issuing yield spreads of their municipal bonds. The effect is more pronounced for cities with greater fiscal pressure and lower bond rating, consistent with a credit risk channel. Further analyses reveal that the decline in municipal bond spreads is mainly driven by increased demand for local services and infrastructure facilities and by an enhanced supply of skilled labor. Additional findings suggest that migration significantly bolsters local governments' land sale revenue, a significant channel that lowers default risk and thus municipal bond spreads.
主讲人简介：浙江大学经济学院百人计划研究员（一类）、博导，香港科技大学金融学博士，新加坡国立大学经济学硕士，北京大学经济学学士。研究方向包括公司治理、债务合同、银行学，研究成果发表于Journal of Financial and Quantitative Analysis、Management Science、Journal of Accounting Research、Review of Corporate Finance Studies等国际顶级期刊。
二、 分会场报告
会场I
时间：10月13日：13:45-16:00
地点：西安交通大学创新港涵英楼 8121 会议室
论文I：Investor attention, information acquisition, and stock market reaction
作者：范睿（Xi'an Jiaotong University）、Alex Nikolsko-Rzhevskyy（Lehigh University）、Oleksandr Talavera（University of Birmingham）
报告人：范睿
论文II：机器人技术冲击与股票风险定价——来自中国制造业上市公司的证据
作者：葛瑶（西安交通大学）、乔政（西安交通大学）、吴世农（厦门大学）、沈哲（厦门大学）
报告人：葛瑶
论文III：Making the most of what you learn: the role of CEO educational experience on post-IPO growth
作者：Qiuyue Zhang（Beijing University of Technology）、景薇（Xi'an Jiaotong University）、Yi Wang（Beijing University Of Technology）
报告人：景薇
会场II
时间：10月13日：13:45-16:00
地点：西安交通大学创新港涵英楼 8142 会议室
论文I：宏观审慎政策有助于提高银行韧性吗？来自全球的经验证据
作者：郭品（西安交通大学）、张萱昂（西安交通大学）
报告人：郭品
论文II：增值税横向分配、市场分割与地区差距
作者：马草原（西安交通大学）、孙思洋（西安交通大学）
报告人：孙思洋
论文III：数字化转型如何影响企业资本收入份额
作者：高蓓（西安交通大学）、杨坤（西安交通大学）、陈俪欢（西安交通大学）
报告人：杨坤
