财务管理学系学术讲座

讲座题目：Paid sick leave and new business formation

时间：2025年5月15日（周四）14:00—15:30

地点：科研401

主讲人：Nan Yang副教授（香港理工大学）

主讲人简介：

Nan Yang is an Associate Professor with tenure at School of Accounting and Finance, The Hong Kong Polytechnic University （PolyU）. His research focuses on Corporate Governance, Managerial Compensation Incentive, Financial Institutions, Cross-listing, ESG, Healthcare, and Credit Risk. He has published in Journal of Financial Economics and Management Science. His works are also featured in Harvard Law School Forum. His works have been presented at top finance conferences （WFA, AEA, CICF, and FMA）, prestigious universities （University of Hong Kong, Renmin University of China）, and Federal Reserve Bank of Dallas. In addition, he has won several competitive merit-based Hong Kong government research grants, totaling over HK$2 million of funding awarded.

Nan has been involved in various academic activities. He serves as the guest editor of The China Accounting and Finance Review Special Issue 2025. He organized The 2023 Fixed Income Symposium at PolyU. He served as a committee member for various international accounting and finance conferences. He serves as an Ad hoc referee for Management Science, Journal of Banking and Finance, and Journal of Corporate Finance. He won several research awards at PolyU. He has served as the external academic advisor of MScFIN program at Lingnan University since 2025.  

Nan earned a Ph.D. in Finance from Texas A&M University, a M.A. in Economics from State University of New York at Stony Brook and a B.A. in Economics from Renmin University of China. His profile can be accessed at https://www.polyu.edu.hk/af/people/academic-staff/prof-nan-yang/

讲座简介：

Utilizing the staggered implementation of U.S. state-level paid sick leave mandates, we find that the number of new business formation decreases following the adoption of a paid sick policy. The negative effects of paid sick leave mandates on new business formation are more pronounced when labor costs are more crucial for business operation or when business uncertainty is greater. These findings indicate that the implementation of paid sick leave mandates raises labor costs and thus discourages entrepreneurship. Finally, both the amount of small business loan and venture capital investment reduce following the enactment of paid sick leave mandates, suggesting that creditors and equity investors decrease their capital supply as a response to rising labor costs.