主题：Business Concentration around the World: 1900–2020
主讲人：马悦然，芝加哥大学布斯商8bo比分
教授
时间：3月18日（周三）上午10:00-11:30
地点：4-101教室
语言：英文
摘要：
We collect new data to document the long-run evolution of the firm size distribution in ten market-based economies in Asia, Europe, North America, and Oceania, where we can obtain comprehensive coverage of the population of firms. Around the world, we observe prevalent increases in the concentration of sales, net income, and equity capital over the past century. These trends hold in the aggregate and at the industry level. Meanwhile, employment concentration has been stable over the long run in most cases. The evidence shows that the rising dominance of large firms is a pervasive phenomenon, not limited to the recent decades or the United States, and that large firms often achieve greater scale without proportionally more workers.
主讲人介绍：
Yueran Ma is the Carhart Family Professor of Finance at the University of Chicago Booth School Business, and Co-Director of the Fama-Miller Center for Research in Finance. Her research interest is empirical studies at the intersection of finance and macroeconomics. One line of her work draws on insights from contracts and organizations to shed light on macroeconomic dynamics. She has proposed new perspectives about corporate debt contracts and how they shape macroeconomic outcomes. Her recent work analyzes production and innovation activities over the past century, and the power and limits of organizations. She has also studied the effects of monetary policy on innovation, which was presented at the Federal Reserve’s Jackson Hole Economic Policy Symposium. Another line of her work draws on insights from behavioral economics. She has studied the impact of low interest rates on financial markets, and the formation of expectations in finance and macroeconomics. Her earlier work examined questions in real estate and urban economics. Finally, she has an interest in the history of economic thought.
She received B.A. summa cum laude and Phi Beta Kappa in Applied Mathematics, and Ph.D. in Business Economics, from Harvard University. She is a recipient of the Alfred P. Sloan Fellowship, the NSF CAREER Award, the AQR Institute Young Researcher Award, the Leo Melamed Prize for Outstanding Research in Finance at Chicago Booth, among other awards.
