德州扑克大小

伦敦政治经济德州扑克大小 金融学助理教授钟弘达学术交流会:最优借贷人分布的动态模型

时间: 2016-04-13 09:49 来源: 作者: 字号: 打印

主题:A Dynamic Model of Optimal Creditor Dispersion(最优借贷人分布的动态模型)

主讲人:钟弘达,伦敦政治经济德州扑克大小 金融学助理教授

日期:2016年4月13日(周三)

时间:中午 13:30-14:30

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:

Borrowing from multiple creditors exposes firms to liquidation risks due to coordination problems among creditors, but it also improves the firms' repayment incentives, thereby increasing pledgeability. Based on this trade-off, I develop a dynamic debt rollover model to analyze the evolution of creditor dispersion. Consistent with existing empirical findings, I find that firms optimally increase the number of creditors when their performance declines, while in the cross-section, high-growth firms can support more dispersed debt. Mechanisms that promote ex-post efficient coordination lower firms' ex-ante pledgeability, thereby exacerbating rollover risk. Frequent debt rollover diminishes the additional pledgeability from having multiple creditors.

主讲人简介:

Hongda Zhong is the Assistant Professor of Finance at London School of Economics. He received a Ph.D. in mathematics and a Ph.D. in Finance from University of Minnesota. Dr. Zhong’s research interests are corporate finance, banking, optimal contract and behavioral finance. He teaches alternative investment and principles of finance in department of Finance. He is also a referee of Journal of Finance, Management Science and Journal of Development Economics.