SPEAKER： 李兆睿，香港科技大学

TIME/DATE：2025.11.20  10:00-11:00am

TENCENT：539154600，PW：123456

LINK：https://meeting.tencent.com/dm/80n9tTiSLcuh

ABSTRACT：

Using novel measures of information acquisition, we document causal evidence of a feedback loop between firms’ credit access and information acquisition. To examine the macroeconomic implications of this feedback loop, we develop a tractable general equilibrium framework with financial frictions and endogenous information acquisition. In line with the empirical evidence, the model predicts that a rise in information costs raises the level of uncertainty and reduces a firm’s equity value, hampering its credit access. On the other hand, tightened credit constraints restrain activity of high-productivity firms, leading to misallocation that reduces aggregate productivity and firm profits, and discouraging information acquisition. This feedback loop creates a finance-uncertainty trap that substantially amplifies and prolongs business cycle fluctuations.

GUEST BIO：

李兆睿，香港科技大学博士后，2024年博士毕业于北京大学汇丰商学院，研究领域是宏观金融，研究聚焦（1）数字时代企业内生信息获取的宏观金融影响；（2）行为偏误下的资产价格与宏观动态。相关研究成果发表于《管理世界》，另有论文在Journal of Finance返修。