德州扑克大小

亚利桑那州立大学金融学教授Sreedhar T. Bharath学术研讨会:外部治理与债务结构

时间: 2016-04-06 08:49 来源: 作者: 字号: 打印

主题: External Governance and Debt Structure(外部治理与债务结构

主讲人: Sreedhar T. Bharath,亚利桑那州立大学凯瑞商德州扑克大小 金融学教授

日期:2016年4月6日(周三)

时间:下午2:30-4:00

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 examines how external governance pressure provided by both the product market and the market for corporate control affects the type of debt that firms issue. Consistent with a governance substitution effect, we find that (i) an exogenous increase in governance pressure from the product market has a significant negative impact on the use of bank financing over public debt issuance, and (ii) an exogenous decrease in governance pressure from the takeover market has a significant positive impact on the use of bank financing. Tests using changes in the strictness of loan covenants provides corroborative evidence. Also consistent with bank “specialness” in providing governance, w. We interpret these findings as consistent with the notion that firms endogenously substitute among alternative governance mechanisms in devising a governance structure that allows external capital to be raised at the lowest possible cost and that demand for creditor governance depends on the relative strength of alternative external governance mechanisms.

主讲人简介:

Sreedhar T. Bharath holds the Professor of Finance and Dean’s Council of 100 Distinguished Scholar at W.P. Carey School of Business, Arizona State University. Prior to joining academics, he worked for University of Michigan and State Bank of India Capital Markets. He earned his doctoral degree in Finance from New York Stern School of Business in 2003. Professor Bharath’s research interests include Credit Risk, Bank Relationships and Corporate Finance. He has articles published in the Journal of Financial Economics, Review of Financial Studies, and Journal of Banking and Finance, among others.