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【文澜金融论坛-169期】邱嘉平教授讲座通知

讲座题目:Credit Risk Spillovers and Cash Holdings

人:邱嘉平教授

人:何恭政博士

报告时间:2019年12月26日下午14:00—15:30

报告地点:文泉楼南106实验室

主办单位:中南财经政法大学金融学院

产业升级与区域金融湖北省协同创新中心

中南财经政法大学湖北金融研究中心

中南财经政法大学中国投资研究中心

内容摘要:This paper examines how credit risk spillovers affect corporate financial flexibility. We construct separate empirical proxies to disentangle the two channels of credit risk spillovers credit risk contagion (CRC), which increases industry peers distress likelihood; and product market rivalry (PMR), which strengthens rivals competitive position. We show that rms facing greater CRC hold more cash, make lower payouts, and must contend with less favorable bank loan terms. In contrast, PMR generally has opposite, albeit weaker, effects. Our endings suggest that credit risk spillovers, especially CRC, play an important role in corporate liquidity management.

主讲人简介: 邱嘉平,加拿大麦克玛斯特大学德格罗特商学院金融系教授及加拿大帝国商业银行讲席教授。多项研究成果发表在Journal of Financial Economics, Review of Financial Studies, Journal of Financial Quantitative and Analysis, Management Science, Accounting Review等金融学,管理学和会计学国际顶级学术期刊。论文获Northern Finance Association Financial Management Association 年度最佳公司金融论文奖。担任Frontier of Economics in ChinaQuarterly Review of Economics and Finance以及The International journal of Accounting期刊副主编。瑞士国家基金,香港研究基金和加拿大国家社会和人文科学基金评审员。