讲座题目：Natural Disasters and Creative Destruction: Evidence from the Universe of Firms in China

讲座时间：2023年6月14日（星期三） 中午12:30-14:00

讲座地点：博学楼925

主讲人：戚树森

主讲人简介：

戚树森博士现任厦门大学管理学院财务学系副教授、博士生导师、北京大学数字金融研究中心特约研究员。2017年获荷兰马斯特里赫特大学金融学博士学位并于同年加入厦门大学管理学院。研究领域为银行学和公司金融，在 Journal of International Business Studies、Review of Finance等杂志发表论文十余篇。

讲座简介：

Using novel administrative data on the universe of firms in China, we study how tropical cyclones, the natural disaster that causes the largest direct economic losses worldwide, could be a source of creative destruction. We find that the occurrence of tropical cyclones during a firm’s first year of establishment leads to a higher likelihood of closure in the succeeding years. However, innovative firms are more likely to survive. Therefore, natural disasters have the potential for creative destruction because they may drive out the less innovative firms and select the more innovative ones for survival. Furthermore, the selection is stronger for the medium strength of tropical cyclones, for privately owned firms, and in regions with more local knowledge accumulation.