主题：Debt
Overhang and Liquidity Risk （债务积压与流动性风险）
主讲人：Michal Szkup，英属哥伦比亚大学经济德州扑克大小
助理教授
日期：2016年5月11日（周三）
时间：下午1:30-2:30
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 analyzes how liquidity risk driven by strategic uncertainty affects borrower’s
optimal choice of maturity structure and his investment incentives. I find that
strategic uncertainty increases liquidity risk discouraging the borrower from issuing
short-term debt. Moreover, I show that an unexpected raise in the strategic
uncertainty can explain a simultaneous increase in the number of defaults on
existing debt and higher costs of issuing new debt typically observed in
recessions. I also find that in the presence of liquidity risk and strategic
uncertainty short-term debt leads to a more severe under-investment problem
compared to long-term debt. Nevertheless, as profitability of future
investments increases, a borrower tends to rely more on debt of shorter
maturity. This is because, higher expected profits decrease strategic
uncertainty and liquidity risk decreasing negative effects of short-term debt.
主讲人简介：
Michal
Szkup is an assistant professor of economics at Department of Economics, University
of British Columbia. His current research interests are information economics,
international macroeconomics and financial economics. Dr. Szkup earned a Ph.D.
in Economics from New York University in 2014 and a B.A. from London School of
Economics in 2007. He has paper published in Journal of Economic Theory and International
Economic Review (forthcoming).
