一、主讲学生与论文题目

1. 张远（2016级博士生）：Housing Price and Consumer Spending: An Asset Allocation Approach

2. 曲朗宁（2017级博士生）：Clients are the driving force in time? Evidence from Timeliness of Affiliated Analysts Forecasts in China

二、时间：2023年7月16日（周日）下午14:00-17:00

三、地点：腾讯会议

四、点评与讨论教师

朱一峰 中央财经大学欧洲杯网站_欧洲杯下注平台-官网推荐 副教授

王盈 中央财经大学欧洲杯网站_欧洲杯下注平台-官网推荐 副教授

柯劭婧 中央财经大学欧洲杯网站_欧洲杯下注平台-官网推荐 助理教授

五、主持人：朱一峰 中央财经大学欧洲杯网站_欧洲杯下注平台-官网推荐 副教授

六、论文摘要

1. Housing Price and Consumer Spending: An Asset Allocation Approach

This paper is to analyze how housing prices affect consumption of urban households in China based on their asset allocations. We first identify household types based on their liquid and illiquid assets allocations, and in particular, a group unique to China named poor non-hand-to- mouth households, who save much of their incomes for buying houses in succeeding years due to high minimum down payment. We then show both theoretically and empirically that different groups of households based on asset allocations have sharp implications for wealth, substitution and liquidity constraint effects when housing prices change, of which the liquidity constraint effect is most prominent to the poor non-hand-to-mouth households and leads to their much smaller MPC compared to other types of households. Finally, we show our approach leads to a drop of 0.02 elasticity of aggregate consumption over fluctuations of house prices by taking into account both the intensive and extensive margins.

2. Clients are the driving force in time? Evidence from Timeliness of Affiliated Analysts Forecasts in China

Using a unique Chinese dataset, we study the timeliness of affiliated analyst forecasts. Our findings suggest that affiliated analysts tend to offer more timely forecasts compared to non-affiliated analysts to win clients. When dealing with more significant and less loyal clients, affiliated analysts might prioritize their clients’ holdings by delivering reports more rapidly. This behavior is particularly evident when the clients’ holdings involve opaque information or release good news during financial reporting periods. Finally, we consider the economic implications of the affiliated analysts' timely release of reports.

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撰稿：张莹

审核：魏旭