主题：

共同所有权与产品市场竞争：来自广告的证据

Common Ownership and Product Market Competition: Evidence from Advertising

主讲人：戚亚烜 香港城市大学副教授

主持人：尚华 hy5902海洋之神副教授

时间：2024年10月29日（周二）10:00-11:30

地点：西南财经大学柳林校区格致楼1211

主办单位：经济与管理研究院

戚亚烜，博士, 2007年获得新泽西州立大学Rutgers金融学博士学位，目前担任香港城市大学商学院经济金融系副教授，主要研究领域包括公司金融，法律和金融等。研究成果发表于Journal of Financial Economics, Journal of Financial and Quantitative Analysis, The Accounting Review, Journal of Public Economics, Journal of Banking and Finance 等国际权威期刊。目前担任Journal of Financial Stability Associated Editor.

本文探讨了共同所有权如何影响企业的广告策略和产品市场竞争，证明了共同所有权对广告强度的影响取决于广告对竞争对手的外部性。通过使用竞争对手公司的指数纳入作为所有权结构的外生冲击，我们发现共同所有权对广告强度有一般性的正面影响，这表明共同所有权有助于内部化广告的正面外部性。此外，当消费者需求对广告更敏感且企业拥有更多市场力量时，这种效应更为显著。

This paper examines how common ownership influences firms' advertising strategies and product market competition. We demonstrate that the impact of common ownership on advertising intensity is contingent on the externality of advertising on competitors. Using index inclusions of rival firms as an exogenous shock to ownership structure, we find a generally positive effect of common ownership on advertising intensity, suggesting that common ownership facilitates the internalization of the positive externality of advertising. Moreover, this effect is more pronounced when consumer demand is more sensitive to advertising and firms have more market power.