太阳集团娱乐所有网站卓越讲坛第三十六讲之王潇

2021-10-11

报告题目:Cheap USD Credit: Panacea or Poison? Firm-level Evidence from Emerging Markets

人: 王潇中国科学技术大学

报告时间:10129:30-11:00

报告地点:科教楼B1005

主办单位:太阳集团娱乐所有网站

内容摘要

Using firm-level data from emerging markets, we examine the effect on corporate risk-taking of the US dollar debt issuance in the post-GFC low interest rate environment. We find that the dollar debt issuance significantly increases issuers’ risk-taking. This effect is more pronounced when global banks have a stronger appetite for risk. Following the dollar debt issuance, issuers significantly increase their investment spending but end up with lower investment efficiency and greater financial vulnerability. Moreover, non-issuers also exhibit increased risk-taking when faced with rising intra-industry competition pressure from issuers. The intra-industry cross-sectional risk distributions are more tilted towards the downside.  

报告人简介:

中国科学技术大学管理学院教授,国际金融研究院院长助理,北京大学经济学学士(2003年)和经济学硕士(2005年),美国威斯康斯(麦迪逊)大学经济学博士(2011年),主要研究国际经济学和应用计量经济学,在Journal of International Economics, Journal of Banking and Finance等国际知名期刊发表论文多篇,获蒲山优秀论文奖(2016年)。

 


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