海外青年学者系列讲座之二：Venture Capital Market and Quantitati

SBF-UIBE 海外青年学者系列讲座之二

 

题目： Venture Capital Market and Quantitative Easing

 

演讲人： 汪通  博士

 

演讲人单位：意大利欧洲大学学院（European University Institute）经济学博士后；法国图卢兹经济学院（Toulouse School of Economics）经济学博士

 

时间： 2012年 4月 26日 13:30分

 

地点：博学楼925室

 

内容摘要：The paper investigates how the recent "quantitative easing" policy of Federal Reserve Bank affects the venture capital market. In the VC market, a whole business process of an enterpreneur consists of two steps: searching and commercializing. In the commercializing stage, one enterpreneur who can be either efficient or inefficient must attract the financial support of VCs for further business operation. We show that, under some plausible assumptions, Quantitative easing exacerbates ex-ante adverse selection problem by encouraging inefficient type to participate, but ex-postly allows more projects to be financed. We show that, the socially optimal financial strategy of venture capitalists is a "cut-off" strategy and it should impose a large enough project quality criteria to achieve full screening, i.e., the inefficient type should be totally excluded from the market. We also discuss how the quantitative easing policy affects the optimal quality level.

 

下期讲座预告： 5月 3日 14:30，法国央行曹知立，题目为Liquidity, Maturity and Debt Structure，地点博学楼925室。

 

主办单位：金融学院金融研究所 应用金融研究中心

 

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