财务、会计Seminar第一百五十九期讲座
发布者:pengmeixiang 发布时间：2017-04-13 10:08:48 浏览数： 次 [ 返回 ]
演讲题目：Lending and Shareholding
演讲者: 于月娟 山东大学经济学院助理研究员
演讲时间：2017年4月20日（周四）上午10：00一11：30
演讲地点: 嘉庚一409
主持人： 黄兴孪 副教授
参加者：对会计、财务研究有兴趣的师生
嘉宾简介：于月娟，山东大学经济学院助理研究员，荷兰蒂尔堡大学金融学博士，研究方向为银行学及公司金融等。其论文已发表于Journal of Financial Services Research,并有论文入选2017美国金融年会（AFA），2016年欧洲经济年会（EEA）等。
内容摘要：In this paper, we investigate how banks' equity stakes in their borrowers influence their credit provision to those firms in crises times. We merge unique data from the German credit register on individual bank-firm credit exposures with the security deposit statistics that includes banks' equity holdings. We find that holding equity in a firm determines bank extending credit to that firm. We also note that this relationship depends on the quality of both the borrower and the creditor. During good times, banks tend to behave conservatively and refinance firms in which they hold equity only if the firm is of good quality. However in crisis, bad banks may ever-green loans to riskier firms in which they hold equity, possibly due to their residual cash-flow rights in these firms。
