主讲人：齐亚煊（University of Hong Kong，Department of Economics and Finance，Associate Professor）
主持人：尚华（西南财经大学，经济与管理研究院，副教授）
时 间：2013年12月27日（周五）上午10:00—12:00
地 点：柳林校区颐德楼H303
主办单位：大金融学术研究沙龙、金融学院、科研处
主讲人简介：
Yaxuan Qi is an AssociateProfessor at the Department of Economics and Finance in City U of Hong Kong. Shereceived her PhD at the Rutgers University in New Jersey, United States. She obtained a BA in Economics at the Central University of Finance & Economics in Beijing, and a MA in Finance at the Renmin University of China. Prior to joining the Department of Economics and Finance at the City University of Hong Kong, she was an Associate Professor at the Department of Finance, Concordia University, Canada. She is interested in Law and Economics, Corporate Finance and Household Finance. She has published papers in Journal of Financial Economics, Journal of International Business Studies, Accounting Review and Journal of Law and Economics.
沙龙论文摘要：
We examine how legal creditor rights are related to debt financing and corporate investment over the business cycle. Using firm-level data from 40 countries, we find that creditor rights are associated with greater debt financing and investment during economic downturns but significantly less during expansions. We also find that the negative relation between creditor rights and the cost of debt is concentrated during recessions. The beneficial effects of creditor rights are stronger for firms that are more likely to have severe shareholder-bondholder agency problems. Overall, the results suggest that better creditor protection laws help moderate the decline in investment and debt financing during recessions and potentially help smooth business cycles.
现邀请你们来参加沙龙的学术研讨。如果你的学生有学术研究兴趣，也请邀请他们参加，无论她/他们是本科生、硕士生或是博士生。如果希望周五下午和该教授单独学术交流，请尽快联系我(finance_salon@swufe.edu.cn).
