主题： Capital Allocation Across Sectors: Evidence from
a Boom in Agriculture（跨部门的资本配置：以农业繁荣为例）
主讲人：Jacopo Ponticelli，芝加哥大学布斯商德州扑克大小
金融学助理教授
日期：2015年12月16日（周三）
时间：下午2:00-3:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
We study the allocation of capital across sectors.
In particular, we assess to what extent growth in agricultural profits can lead
to an increase in the supply of credit in industry and services. For this
purpose, we identify an exogenous increase in agricultural profits due to the
adoption of genetically engineered soy in Brazil. The new agricultural
technology had heterogeneous effects in areas with different soil and weather
characteristics. We find that regions with larger increases in agricultural
profitability experienced increases in local bank deposits. However, there was
no increase in local bank lending. Instead, capital was reallocated towards
other regions through bank branch networks. Regions with more bank branches
receiving funds from soy areas experienced both an increase in credit supply
and faster growth of small and medium sized firms.
主讲人简介:
Jacopo Ponticelli
holds the Assistant Professor in Finance at the Booth School of Business,
University of Chicago. He received a Ph.D. in Economics from the University
Pompeu Fbra in 2013. Dr. Ponticelli’s research interests include corporate
finance, development economics and applied economics. He has articles published
in the Quarterly Journal of Economics,
and American Economic Review.
