敦和量化金融大讲堂

敦和量化金融大讲堂第6期

日期:2021-03-18阅读:47

主持人:王义中 浙江|9728太阳集团大学经济|9728太阳集团学院副院长、教授

地点: 浙江|9728太阳集团大学紫金港校区西区经院大楼120室

时间: 2021年3月18日(周四)09:30-12:00

主题: Political Connections, Financial Constraints, and Corporate Taxation

主讲人: 王自干香港|9728太阳集团大学商|9728太阳集团学院 助理教授

  

内容提要:

We hypothesize and provide evidence that the effect of political connections on corporate taxation depends on firms’ financial constraints. After an arguably exogenous increase in political connections arising from close congressional elections, financially unconstrained firms increase their tax planning, while constrained firms decrease it. The decrease (increase) in the tax planning of financially constrained (unconstrained) firms is more pronounced when the connected politicians serve on the banking-related (tax-related) committees. Constrained firms also experience a significant decrease in cost of capital and receive more government contracts after obtaining more political connections, supporting the idea that alleviating firms’ financial constraints is the mechanism through which political connections affect the tax planning of constrained firms. Collectively, our findings highlight the importance of financial constraints in understanding the tax planning of politically connected firms.

时间: 2021年3月18日(周四)13:30-17:00

主题:对冲基金和资产配置

主讲人:王沿 桥水基金 中国区总裁

内容提要:

王沿先生以其团队所进行的长期市场研究为例,讲解桥水基金的投资逻辑。在桥水基金,有三个不同的策略,一种完全是Alpha,一种完全是Beta,第三种就是Alpha和Beta结合。将Alpha和Beta分离,是桥水基金的首创。

时间: 2021年3月19日(周五) 

主题数字金融考察


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