主题：The Elephant
in the Room: the Impact of Labor Obligations on Credit Risk（不可忽视的问题：劳动义务对信用风险的影响）
主讲人：林晓骥，俄亥俄州立大学金融德州扑克大小
助理教授
日期：2016年5月13日（周五）
时间：中午
1:30-2:30
地点：德州扑克大小
金融德州扑克大小
4号楼101
语言：英文
摘要：
We
study the impact of labor market frictions on credit risk. Our central finding
is that labor market variables are first-order in accounting for both aggregate
and firm-level variations in credit risk and capital structure. Labor market
variables (wage growth or labor share) forecast the aggregate credit spread as
well as or better than alternative predictors. Furthermore, firm-level labor
expense growth rates and labor share can predict Moody-KMV expected default
frequency (EDF) in the cross-section across a wide range of countries. These
variables also explain firm-level capital structure decisions. A model with
wage rigidity and risky long-term debt can explain these links as well as
produce large credit spreads despite realistically low default probabilities.
This is because pre-committed payments to labor make other committed payments
(such as debt) riskier; this effect is amplified when debt is long-term.
主讲人简介：
Xiaoji
Lin is an assistant professor of finance at Department of Finance, Ohio State
University (OSU) from 2011. Before he joined OSU, he has worked at London
School of Economics and Political Science as assistant professor. His current
research interests are theoretical and empirical asset pricing in connection
with corporate finance and macroeconomics. Dr. Lin earned his Ph.D. in finance
from University of Minnesota in 2008 and his M.A. in economics was got from
Nankai University. Dr. Lin has articles published in Journal of Monetary Economics, Review of Financial Studies, and Journal of Financial Economics among
others.
