2025年10月23日（周四）13:30-15:00 周珞枫 （纽约大学斯特恩商学院）

讲座系列：现代金融理论与政策系列讲座第5场（学科发展系列讲座总期第98场）

讲座人：周珞枫 （纽约大学斯特恩商学院）

时间：2025年10月23日（周四）13:30-15:00 

地点：博学楼308

主持人：胡钟中（对外经贸大学国际经济贸易学院金融学系副教授）

讲座题目： AlphaManager: A Data-Driven-Robust-Control Approach to Corporate Finance

讲座摘要：Corporate decision-making entails complex, high-dimensional, and non-linear stochastic control during which managers learn and adapt via dynamic interactions with the market environment. We propose a data-driven-robust-control （DDRC） framework to complement traditional theory, reduced-form models, and structural estimations in corporate finance research, emphasizing both empirical explanation and prediction of firm outcomes while delivering policy recommendations for a variety of business objectives. Specifically, we develop a predictive environment module using supervised deep learning and integrate a decision-making module based on generative deep reinforcement learning. By incorporating model ambiguity and robust control techniques, our framework not only better explains and predicts corporate outcomes in- and out-of-sample but also prescribes key managerial actions that significantly outperform historical ones. We document rich heterogeneity in model ambiguity, prediction performance, and policy efficacy in the cross section of U.S. public firms and over time. Importantly, DDRC helps delineate where theory and causal analysis should concentrate, integrate fragmented prior knowledge （e.g., via transfer learning）, and reveal managerial preferences （through an extension involving inverse reinforcement learning）.

主讲人简介：

周珞枫，纽约大学斯特恩商学院金融学博士生在读，此前获得武汉大学经济学、数学以及计算机科学学士学位，哥伦比亚大学金融工程硕士学位，研究方向包括金融科技和金融理论。