报告题目：Board chairs’ professional pandemic experience and corporate investments
报 告 人：彭俞超（中央财经大学金融学院）
报告人简介：彭俞超，中央财经大学金融学院副教授、博士生导师，青年龙马学者，全国金融青联委员，2022年入选国家“万人计划”青年拔尖人才。兼任中央财经大学丝路金融研究中心执行主任、金融学院学术交流部主任。主要研究方向为中国宏观经济、银行与公司金融。近年来，在《管理世界》、《经济研究》、《经济学（季刊）》、《世界经济》、Journal of Development Economics、Journal of Money, Credit and Banking、Journal of Corporate Finance等国内外重要期刊发表论文数十篇，主持国家自然科学基金面上项目和青年项目、北京市社科规划项目，获得普华永道PwC3535优秀论文奖。
This study examines several behavioral patterns in the context of managerial decision-making using Chinese data. Based on the outbreak of SARS in 2003, which is caused by the same family of viruses as COVID-19, we show that firms with board chairs who experienced the outbreak of SARS during their tenure as senior executives invest less in subsequent periods, and even less during the COVID-19 outbreak. This effect is evident for board chairs that personally experienced the pandemic and those who prominently perceived their neighbor’s operating distress during the outbreak of SARS. The impact persists and is amplified by other negative shocks, such as infectious diseases and economic uncertainty, which supports the validity of the stimulus generalization theory in corporate finance. Firms with board chairs experienced SARS performed relatively better during the COVID-19 outbreak than during normal business operations. However, the benefit is much less than the overall loss. This study supports the findings that the long-lasting impact of pandemic-induced operating-distress experiences can distort the real economy, which has useful implications for assessing the long-term economic impacts of COVID-19.