科学研究
报告题目：Capital Market-related Agglomeration Spillovers: Evidence from Million Dollar Plant Expansions
报告人：郑宇翔
报告时间：2026年7月3日（周五）8:30-10:00
报告地点：劝学楼246
主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
In this study, we examine capital market-related agglomeration spillovers associated with large plant openings (referred to as “million-dollar plants”, MDPs). We consider whether reductions in information processing costs benefit incumbent firms that are geographically proximate to the MDP, resulting in increased analyst coverage and institutional investment. Specifically, we find that a broker (mutual fund) that covers (invests in) the MDP firm is more likely to cover (invest in) an incumbent firm following the MDP event, relative to a broker (mutual fund) that does not cover (invest in) the MDP firm. The effect is stronger in counties with lower ex-ante capital market awareness and among firms that exhibit stronger economic co-movement with the local economy or have a larger local presence. The effect also exists even when the incumbent firm operates in a different industry from the MDP firm. We also find decreases in illiquidity, volatility, and bid-ask spread for incumbent firms in the winning county relative to incumbent firms in the runner-up counties. Overall, we provide evidence of capital market agglomeration spillovers.
【报告人简介】
郑宇翔，罗格斯大学会计学系助理教授。他于英属哥伦比亚大学获得会计学博士学位，于伦敦政治经济学院获得金融与经济学硕士学位，并于武汉大学获得金融工程学士学位。他的研究兴趣涵盖科技竞争、创新以及企业社会责任等领域。其研究成果发表于Journal of Accounting Research、Journal of Accounting and Economics、Contemporary Accounting Research、Journal of Financial and Quantitative Analysis等会计与金融领域顶级学术期刊，并担任The Accounting Review、Contemporary Accounting Research等期刊匿名审稿人。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
