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.
