一、主题：Housing Market and Entrepreneurship: Micro Evidence from China

二、主讲人：韩冰，多伦多大学罗特曼管理学院教授，TMX资本市场主席。主要研究领域为行为金融、资产定价、风险管理以及房地产金融。他目前已在国际高水平期刊上发表论文几十篇，如Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Economic Theory, Management Science, Journal of Financial and Quantitative Analysis, Review of Finance等。New York Times, Wall Street Journal, Smart Money等财经杂志也都对他的研究进行过专题报道，是其所在领域非常有影响力的经济学家。此外，他还是Financial Management, International Review of Finance, Journal of Economic Dynamics and Control, Journal of Empirical Finance等国际一流杂志的主编或副主编，是Journal of Finance, Journal of Financial Economics, Review of Financial Studies等多个杂志的评审人。

三、时间：2020年12月21日（星期一），10:00 -11:30

四、地点：腾讯会议【110 961 584】

五、主持人：朱菲菲，应用金融系助理教授

六、摘要：

Using a unique survey data of Chinese households, we study the impact of house price growth and house price risk on entrepreneurship. House price risk, measured as the sensitivity of house price growth to local GDP growth, negatively impacts the entrepreneurship of homeowners relative to renters. This finding is concentrated only among sophisticated households and is consistent with the portfolio effect when housing and occupational choices are integral parts of the household portfolio. Moreover, a high past house price growth reduces the entrepreneurship of homeowners relative to renters. This holds for both sophisticated and unsophisticated households. We propose a new economic channel based on extrapolative belief and provide further supportive evidence.