讲座主题：Cash Hedging in a Supply Chain
讲座时间：2018年6月12日 10：00
讲座地点：机械楼A810
主讲人：吴肖乐
摘要：
Abstract: We study hedging cash flow risks in a supply chain where firms invest internal funds to improve production efficiencies.We offer a decomposition framework to capture the cost reduction and flexibility effect of hedging. It allows us to understand how a firm's hedging choice depends on its supply chain partner's decision, and how such interaction is affected by supply chain characteristics such as market size, cash flow volatility and correlation. When firms' cash flows are independent of each other, they are more likely to hedge with a larger market size. When cash flows are correlated, the impact of market size and volatility on firms' hedging decisions presents multiple patterns, contingent on whether their risks amplify or offset each other.
报告人简介：
吴肖乐，复旦大学管理学院副教授。2006年毕业于清华大学工业工程系，获学士学位；2011年毕业于圣路易斯华盛顿大学，获博士学位。主要研究方向是供应链管理、风险管理、采购策略、能源与环境。主持包括国家自然科学基金优青项目、面上项目等，入选上海市曙光人才计划和复旦大学卓学计划。曾获中国管理学青年奖、华人学者管理科学与工程协会最佳论文一等奖，上海市第十三届哲学社会科学优秀成果二等奖，中国运筹学会随机服务与运作管理分会优秀青年学者奖，2016 MSOM Meritorious Service Award等。论文发表于Management Science, Manufacturing & Service Operations Management, Production and Operations Management等期刊。
