主题：Debt Renegotiation and
Debt Overhang: Evidence from Lender Mergers（债务再谈判和债务积压：来自于借贷银行并购的证据）
主讲人：褚勇强，南卡罗来纳大学达拉·摩尔商德州扑克大小
副教授
日期：2018年3月7日（周三）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
This
paper studies whether debt renegotiation mitigates debt overhang and improves investment
efficiency. Using mergers between lenders participated in the same syndicated loans
as natural experiments that exogenously reduce the number of lenders and thus
make renegotiation easier, I find that firms affected by the mergers become more
likely to renegotiate the loans and increase capital expenditure investment. I
also find that the effect is stronger for firms with higher Q, suggesting
improved investment efficiency. Further evidence suggests that the effect
concentrates on loans without performance pricing provisions and unsecured
loans, providing further support that lender mergers improve investment
efficiency for firms suffering from debt overhang.
主讲人简介:
Yongqiang
Chu is an associate professor of finance and real estate at the Darla Moore
School of Business. His research focuses on corporate finance, banking and, and
real estate. He has published in the Journal
of Financial Economics, Review of Financial Studies, Journal of Financial and
Quantitative Analysis, Management Science, and Review of Economic Dynamics, among others, and has taught
undergraduate and graduate level real estate finance and investments courses.
