题　目：Information Acquisition and the Finance-Uncertainty Trap

嘉　宾：Zhaorui Li(李兆睿),博士后,香港科技大学

主持人：冯芸金融系主任、教授欧宝app官方网站下载安泰经济与管理学院

时　间：2025年12月22日（周一）13:30-15:00

地　点：欧宝app官方网站下载徐汇校区浩然楼306

内容简介:

Using novel measures of information acquisition, this paper documents empirical evidence of a feedback loop between firms' credit access and information acquisition. To examine the macroeconomic implications of this feedback loop, we develop a tractable general equilibrium framework with financial frictions and endogenous information acquisition. In line with the empirical evidence, the model predicts that a rise in information costs raises the level of uncertainty and reduces a firm's equity value, hampering its credit access. On the other hand, tightened credit constraints restrain activity of high-productivity firms, leading to misallocation that reduces aggregate productivity and firm profits, and discouraging information acquisition. This feedback loop creates a finance-uncertainty trap that substantially amplifies and prolongs business cycle fluctuations.

演讲人简介：

李兆睿，香港科技大学博士后，2024年博士毕业于北京大学汇丰商学院。主要研究领域是宏观金融，研究聚焦个体决策中的信息摩擦和行为偏误对资产价格和宏观动态的影响。相关研究成果发表于《管理世界》（第一作者），另有论文在Journal of Finance返修。

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