嘉宾简介：

宋兆刚是约翰霍普金斯大学凯里商学院（Johns Hopkins Carey Business School）讲座教授，在加入约翰霍普金斯大学之前，曾在联邦储备系统理事会担任经济学家，负责为联邦公开市场委员会（FOMC）监测和分析金融市场的发展。宋教授主要从事金融市场和房地产金融的学术研究，曾在Journal of Finance、Journal of Econometrics、Journal of Monetary Economics、Management Science、Journal of Financial Economics、Review of Financial Studies等期刊发表多篇论文。他曾获得多项研究奖项，如纳斯达克市场微观结构最佳论文奖、Journal of Econometrics期刊实证计量经济学最佳论文Dennis J. Aigner荣誉奖、Q Group研究奖、全球风险专业人士协会研究奖、蒙特利尔结构性产品和衍生品研究所研究奖。宋教授还积极参与金融市场的政策问题和金融业的投资实践。他的研究成果曾刊登在彭博社、《财富》、《抵押贷款新闻日报》以及美国证券交易委员会（SEC）和美国政府问责局的报告中。

讲座简介：

We document key facts about the inflation risk exposure of corporate bonds from 2004–2022. Inflation betas of standard bond excess returns (relative to T-bills) are generally negative, whereas those of credit excess returns (relative to duration-matched Treasurys) are positive across most bonds. Cross-sectional variation in inflation betas is mainly driven by credit excess returns, with higher-default-risk bonds showing stronger positive exposure. Inflation beta affects future bond returns in the cross-section through credit excess returns, and firms with higher bond inflation betas exhibit higher stock inflation betas. Analyses using pre-2004 data and alternative inflation measures further illuminate underlying economic channels.