报告信息

　　报告题目：The Network Effects of Agency Conflicts

　　主讲：邢亦青 北京大学副教授

　　主持：欧阳耀福 经济研究所副研究员

　　时间：2023年11月08日(星期三)10:00-11:30

　　地址：西城区月坛北小街2号2号楼201会议室

　　报告简介：

The Network Effects of Agency Conflicts, with Rakesh Vohra and Wu Zhu

Abstract: We argue that firm-level agency conflicts not only counter the role of network structure in the propagation of shocks but they can have a significant impact on system-wide behavior that differs from those predicted based on network structure alone. This implies that corporate governance can play an important role in macro fluctuations.

We consider a collection of firms linked through equity cross-holdings whose managers can make investment decisions in response to an exogenous shock. Prior work concludes that more integrated networks amplify shocks. We find that if managers are subject to default costs or limited liability, this effect is reversed because their investment decisions mitigate the spread of an initial shock. In the face of moral hazard, however, their investment choices amplify an initial shock. In particular, when the network is fully diversified, the aggregate effect of idiosyncratic shocks does not diminish as received wisdom would suggest.

　　作者信息：

　　邢亦青博士，北大国发院经济学副教授（长聘）。北京大学数学学士、经济学硕士、斯坦福大学经济学博士，师从经济网络奠基人马修-杰克逊教授（Matthew Jackson），曾任教于美国约翰霍普金斯大学。研究兴趣主要集中于：经济与社会网络、微观经济理论、拍卖和机制设计、发展经济学、政治经济学等；发表在 PNAS，RAND Journal of Economics，Theoretical Economics，European Economic Review，《经济研究》、《经济学（季刊）》等国内外顶尖学术期刊。邢亦青博士曾受邀在剑桥、耶鲁、普林斯顿、芝加哥、斯坦福、NBER等顶尖院校和机构进行学术报告；担任Nature、PNAS、AER、Econometrica、QJE、MS、JASA等三十余本国际期刊的匿名审稿人。现开设《经济与社会网络》等课程。

　　（编辑：熊晨玮；审校：张佶烨）