一、主题：The Bright Side of Political Uncertainty: The Case of R&D

二、主讲人：冷铁成，中山大学岭南学院金融系助理教授，新加坡管理大学金融学博士。主要研究领域包括公司金融、企业创新、政治金融、供应链金融等。其研究成果曾发表在Management Science国际期刊，并参加2014 NBER Entrepreneurship Research Boot Camp。

三、时间：2015年9月29日（周二），14:00-15:30

四、地点：bwin必赢唯一官方网站 学术会堂603

五、主持人：姜富伟，bwin必赢唯一官方网站讲师

论文摘要：We examine the relationship between political uncertainty and R&D investment by exploiting the timing of U.S. gubernatorial elections as a source of plausibly exogenous variation in uncertainty. In contrast to the literature documenting negative effects of political uncertainty on real investment, we find that uncertainty over government policy encourages firm-level R&D. Firms increase R&D investments by an average of 4.6% in election years relative to non-election years. The uncertainty effect is stronger in hotly contested elections, in politically sensitive and hard-to-innovate industries, and in firms subject to higher growth options and greater product market competition. Our findings suggest that, as predicted by models of investment under uncertainty, the real effects of political uncertainty depend on the properties of the investment and the degree of product market competition and therefore the total effect of political uncertainty on the long-run growth of an economy is unclear.