致辞人：吴 溪 教授（体球网，院长）
报告1：The Power of Sharing Failures: The Effects of Failure Disclosure on Exploration Performance
摘要：Creativity-dependent companies often implement failure disclosure programs to encourage employees to publicly disclose failures encountered in exploration activities with a focus on learning. In an experiment in which participants perform a letter-search task by counting the search letters in each question (i.e., exploitation) or identifying an embedded shortcut that applies to all questions (i.e., exploration), we manipulate whether participants are encouraged to disclose their failed attempts at finding the shortcut to future participants and whether they are evaluated for their task-related skills. Drawing on emotion regulation theory, we predict and find that failure disclosure increases participants’ likelihood of correctly identifying the embedded shortcut, and this effect manifests itself in the presence but not in the absence of evaluation. Because evaluation is typically present in natural work settings, our theory and results suggest that failure disclosure is an effective mechanism to increase employees’ exploration performance.
报告2：Banking Crisis Regulator
摘要：Our study leverages detailed résumé data of Fed regulators to examine the impact of their early-career experiences with the S&L crisis during the 1980s and 1990s on banking supervision in their later careers. We begin by establishing that Fed regulators are highly educated, and that their experiences with the S&L crisis render them less prone to the revolving door issue, resulting in greater independence in the supervisory process. We further reveal that these early crisis experiences lead to more stringent regulatory actions. Third, regulators’ exposure to the S&L crisis is associated with more cautious credit decisions and reduced bank risk during the bubble period from 2000 to 2006. Utilizing the subsequent financial crisis of 2007–2009 as a laboratory, we show that banks overseen by regulators with crisis experience exhibit greater resilience.
报告3：The Effect of the Switch to the Expected Credit Loss Model for Loan Loss Provisioning on Cross-border Borrowing
摘要：Switching from the incurred credit loss model to the expected credit loss model under IFRS 9 resulted in a revolutionary shift in bank accounting. The new model promotes timelier loan loss recognition by requiring banks to monitor their borrowers for expected loan losses. Using a difference-in-differences analysis of syndicated loans in 62 countries, we find that after a country adopts IFRS 9, borrowers in that country take more loans from foreign banks in non- adopting countries. This increased cross-border borrowing is highest in countries with a large decrease in domestic bank credit after IRS 9 adoption, consistent with a domestic credit supply reduction driving the effect. The increase is also concentrated among borrowers experiencing large increases in domestic bank monitoring after IFRS 9 adoption, consistent with an increase in such monitoring driving the effect. It is also more pronounced in countries where banks’ loan loss provisions increase after IFRS 9 adoption and among borrowers with a higher propensity to engage in cross-border borrowing. In a supplementary analysis, we show that cross-border borrowing mitigates the increase in loan monitoring intensity after IFRS 9 adoption.