报告题目：Real Asset Liquidity and Corporate Innovation

报 告 人：黄泓人  教授

主 持 人：米运生  教授

时        间：2016年11月4日（星期五）上午10：00

地        点：天游线路检测中心602室

报告摘要：

        Utilizing a real asset liquidity index and U.S. patent data from 1986-2006, we demonstrate that real asset liquidity encourages corporate innovations. Our findings reconcile the two opposing views on the relation between real asset liquidity and corporate innovations. This positive impact of real asset liquidity on innovation weakens when firms face financial constraints and product-market competition.

专家简介：

        黄泓人（Henry H. Huang，曾用名 Hongming Huang)，获美国雪城大学（Syracuse University）金融学博士学位，现为台湾中央大学财务金融学系教授。主要研究领域：Derivatives Pricing, Lease Financing, Real Options和Applied Econometrics 。迄今主持多个台湾自然科学基金项目，发表的主要论文如下：

1.    Henry H. Huang*, Kent Wang, and Zhonglong Wang, 2015, A Test of Efficiency for the S&P 500 Index Option Market Using Generalized Spectrum Method, Journal of Banking and Finance, Vol. 64, p52-70

2.   Henry H. Huang*, Hung-Yi Huang, and Jeff. J. Oxman, 2015, “Stock Liquidity and Corporate Bond Yield Spreads” Journal of Financial Research, Volume 38, Issue 1, p 59-91

3.   Hsiao-Wei Ho, Henry H. Huang, and Yildiray Yildirim*, 2014, “Affine Model of Inflation-Indexed Derivatives and Inflation Risk Premium”, European Journal of Operational Research, 235, p159-169

4.   Henry H. Huang*, Jr-Wei Huang, Howard Qi, and Puman Ouyang, 2012, “Bivariate Option Pricing Under Regime-Switching Dependence”, Review of Futures Markets, Vol. 20, No 3, p243-265

5.   Hsing-Hua Huang*, Hongming Huang, and Pai-Ta Shih, 2012, “Real Options and Earning-Based Bonus Compensation”, Journal of Banking and Finance, Vol. 36, pp2389-2402

6.   Brent Ambrose*, Sumit Aggrawl, Hongming Huang, Yildiray Yildirim, 2011, “The Term Structure of Lease Rates with Endogenous Default Triggers and Tenant Capital Structure: Theory and Evidence”, Journal of Financial and Quantitative Analysis, Vol. 46, No. 2, p553-584

7.   Hongming Huang, Yildiray Yildirim*, 2009, “Leverage, Option Liabilities, and Corporate Bond Pricing”, Review of Derivatives Research, Volume 11, Issue3, p245-276

8.   Hongming Huang*, Yildiray Yildirim, 2008, “Valuing TIPS Bond Futures in Jarrow-Yildirim Model”, Risk, June, p101-103

9.  Hongming Huang*, Chihwa Kao, and Giovanni Urga, 2008, “Copula-Based Tests for Cross-Sectional Independence in Panel Data” , Economics Letters, Vol. 100 Issue 2., p224-228 (NSC Econ B)

10. Wen-Chung Lin*, Hongming Huang, 2002, “Fair Valuation of P/L Insurance Company Under Catastrophic Risk”, Journal of Risk Management，Vol. 4, No. 1, 1-18 (in Chinese)