北大经院工作坊第1213场 |
Atoning Through Aid: Switzerland’s Foreign Assistance and the Legacy of the Holocaust
（国际经济学与实证产业组织工作坊）
主讲人：金威（南开大学经济学院助理教授）
主持老师：（北大经院）莫家伟
参与老师：
（北大经院）杨汝岱、田巍、刘政文、吴群锋
（北大新结构）王歆、徐铭梽
（北大国发院）薛思帆
时间：2025年12月17日（周三）10：00-11：30am
地点：开云app体育 经济学院302会议室
主讲人简介：
金威，南开大学经济学院助理教授。新加坡管理大学经济学博士，主要研究方向为国际贸易和国际政治经济学。已有成果发表于Management Science, IMF Economic Review, Journal of International Money and Finance, International Journal of Industrial Organization, Review of International Economics, China Economic Review, World Development等期刊。
摘要：
This paper investigates how Switzerland’s contested wartime neutrality and its economic ties with Nazi Germany shaped its postwar foreign aid allocation. Using comprehensive aid data from 1960 to 2023, we examine whether the severity of Holocaust victimization in recipient countries influenced Swiss aid flows. Exploiting differences in Jewish death tolls across countries and the disclosure of Switzerland’s wartime conduct in the 2002 Bergier Report, we employ a differences-in-differences framework and instrumental variables strategy to identify causal effects. The results show that countries with higher Jewish death tolls received systematically more Swiss aid after 2003, with effects robust across alternative estimators and placebo tests. Mechanism analyses suggest that bilateral political alignment and public sentiment were key channels through which historical legacies shaped aid. Our findings highlight how reputational concerns and moral atonement can link foreign aid policy to historical responsibility, extending the literature on aid motives beyond colonial and strategic legacies.
北大经院工作坊第1216场| The China-U.S. Equity Valuation Gap
（计量、金融和大数据分析工作坊）
主讲人：张晓燕（清华大学五道口金融学院副院长）
主持老师：（北大经院）王一鸣、刘蕴霆
参与老师：（北大经院）王熙、王法、巩爱博
时间：2025年12月19日（周五）10:00-11:30
地点（线下）：开云app体育 经济学院107会议室
主讲人简介：
张晓燕教授现任清华大学五道口金融学院副院长、金融学讲席教授（国家海外高层次引进人才）、中国人民银行学术委员会委员、亚洲金融与经济研究局（ABFER）高级专家等，曾担任证监会第十七届发行审核委员会委员。主要研究领域包括中国资本市场、金融科技、实证资产定价和国际金融。张教授在国际顶级学术期刊The Journal of Finance、Journal of Financial Economics、Review of Financial Studies发表多篇论文，多次获得最佳论文奖，张晓燕教授被聘为Journal of Banking and Finance 的联合主编，Management Science、Journal of Financial and Quantitative Analysis、、Journal of Empirical Finance以及Financial Management的副主编。获得国家自然科学基金重大项目、外国资深学者研究基金项目和应急管理项目的资助。张教授热爱教学，多次获得康奈尔大学, 普渡大学和清华大学优秀教学奖项，曾获得“全球40位40岁以下最佳商学院教授”称号。
摘要：
The Chinese earnings yield differential relative to the U.S. switches from negative to positive around 2009. This aggregate shift masks substantial cross-sectoral variation. Changes in sectoral composition and growth expectations are not important determinants of the variation in China-U.S. valuation differentials. Instead, the cross-sectional and temporal variation in financial openness and ownership structure in China are the key contributors. Financial openness helps improve the information environment and reduce investor disagreement in China, and ownership structure impacts valuation through operating efficiency, corporate governance, and speculative trading. In addition, we show that the Chinese banking sector and its internationalization played a critical role in the (relative) valuation change.
北大经院工作坊第1215场| Same Dollar, Different Impact: Investor Demand Is Not Equally Price-Moving
（计量、金融和大数据分析工作坊）
主讲人：向鸿（香港理工大学金融学助理教授）
主持老师：（北大经院）王一鸣、李少然
参与老师：（北大经院）刘蕴霆、巩爱博、王法、王熙
时间：2025年12月19日（周五）15：00-16:30
地点（线下）：开云app体育 经济学院302会议室
主讲人简介：
向鸿，香港理工大学金融学助理教授，研究领域主要包括实证资产定价、资产管理、行为金融。其科研成果多次发表于《Journal of Financial Economics》、《Journal of Financial and Quantitative Analysis》、《Management Science》等国际期刊，并于Finance Down Under等国际学术会议上获得最佳论文奖。其学术成果亦受到了Bloomberg、Forbes等知名财经媒体的报道。
摘要：
Mutual fund flows generate substantial price impact, amplify fragility, and trigger fire sales. We document a stark contrast for separate accounts—the dominant institutional investment vehicle:their flows generate essentially no price impact, fragility, or fire-sale risk. This pattern holds within mutual fund-separate account twins managed under identical strategies and is not driven by liquidity conditions at the time flows occur. Using trade-level data from a major transition manager, we show that specialized execution intermediaries significantly reduce trading costs and dampen price dislocations. Our findings reveal large heterogeneity in how investor demand transmits to prices-not all flows are equally price-moving.
