报告题目:Cheap USD Credit: Panacea or Poison? Firm-level Evidence from Emerging Markets
报告人: 王潇(中国科学技术大学)
报告时间:10月12日9:30-11:00
报告地点:科教楼B座1005
主办单位:新黄金城667733新黄金城667733
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)。