题　目：Where to Hire? Political Alignment and Internal Labor Allocation

嘉　宾：Linghang Zeng 副教授 Babson College

主持人：张澄宇 助理教授 上海交通大学安泰经济与管理学院

时　间：2025年7月7日（周一）13:30-15:00

地　点：上海交通大学 徐汇校区安泰浩然楼306室

内容简介:

This paper studies how political alignment between a firm’s CEO and a state’s governor affects internal labor allocation. We find that firms increase employment in politically aligned states, especially when CEOs are more polarized and during periods of heightened polarization. This effect remains robust when we exploit close gubernatorial elections as a source of plausibly exogenous variation in political alignment. Further analysis suggests that these decisions are driven by CEO optimism about politically aligned states, rather than personal preferences. However, we find that employment expansions in politically aligned states are associated with lower stock returns in the following year.

演讲人简介：

Linghang Zeng is an Associate Professor of Finance At Babson College. His research interests include labor and finance, macro finance, household finance, and FinTech. His papers have been published in Review of Financial Studies, Management Science, Journal of Monetary Economics, Journal of Financial and Quantitative Analysis and presented at many conferences such as NBER Summer Institute, American Finance Association, Western Finance Association, SFS Cavalcade, and European Finance Association. His research has won best paper awards from Financial Management Association, Northern Finance Association (twice), Chicago Quantitative Alliance Academic Competition, and Dayton Summer Finance Workshop.

Linghang Zeng received his Ph.D. in Finance from Georgia Tech. Before that, He received a Master's degree in Mathematical Finance from the University of Alberta and a Bachelor's degree in Industrial Engineering from Nanjing University.

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