时间：2022年4月28日 14:30

地点：腾讯会议线上

主讲人一：刘运

题目：On the Equivalence of Two Competing Affirmative Actions in School Choice

摘要：This paper analyzes the outcome equivalence conditions of two popular affirmative action policies, majority quota and minority reserve, under the student optimal stable mechanism. These two affirmative actions will result in an identical matching outcome, if the market either is effectively competitive or contains a sufficiently large number of schools.

主讲人二：白彩全

题目：Commercial Social Capital and Individual Investment Choices: Historical evidence from the Shanghuis in the Late Qing Dynasty in China

摘要：How to explain private investment choices in the financial market is one of the important issues in the field of household finance. Using the unique data of shanghuis, informal financial entities that played an important role in the financial industry in the late Qing Dynasty, this article explores the historical origins that influence contemporary private investment choices in China. We find that the establishment of shanghuis in the late Qing Dynasty can significantly increase the local contemporary residents’ preference and participation scale for the risk assets, but does not exert any actual effect on their investment in risk-free assets. Moreover, with the expansion of shanghuis, this long-term impact becomes more significant. After performing instrumental variable tests and other robust inferences, the above conclusions are still valid. In further tests, the long-term impact of shanghui mainly originates from the following: (i) the establishment of shanghuis makes local investment finance available; (ii) as an important form of social capital, shanghui promotes long-term social trust, and increases individual’s risk-taking ability in the financial market; (iii) the activities of shanghuis improve the financial knowledge and literacy of contemporary individuals, thus promoting individual investment impulse. From the historical perspective, this article provides a branch of new explanation for understanding the individual investment choices and household financial investment imbalance in China today.