主题：The
Real Effect of Financial Innovation: Evidence from Credit Default Swaps Trading
and Corporate Innovation （从信用违约互换交易及公司创新看金融创新的实际效应）
主讲人：常鑫，剑桥大学商德州扑克大小
金融学高级讲师
日期：2016年5月18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
语言：英文
摘要：
We
document that credit default swaps (CDS) trading on a firm’s debt positively
influences its technological innovation measured using patents and patent
citations. The positive effect is more pronounced for firms relying more on
debt financing, using more bank debt, borrowing from fewer lenders, having more
restrictive debt covenants, or using more short-term debt prior to CDS
introduction. Further analysis shows that firms’ innovation strategies become
more risky and long-term oriented after the advent of CDS trading. These
results suggest that CDS foster borrowing firms’ innovation via enhancing
lenders’ risk tolerance and borrowers’ risk taking in the innovation process.
Taken together, our findings reveal the real effects of financial innovation
(i.e., CDS) on companies’ investment and technological progress.
主讲人简介：
Simba
Chang is a tenured Associate Professor at Nanyang Business School of Nanyang
Technological University (NTU). Currently he is also appointed as a Senior
Lecturer at Cambridge Judge Business School of the University of Cambridge. He
specializes in corporate finance, especially capital structure, mergers and
acquisitions, and equity valuation. Professor Chang earned a Ph.D. in Finance
in 2004 from Hong Kong University of Science and Technology. His educational
background also includes a M.Phil. from the Graduate School of People’s Bank of
China in 1998. He has paper published in Journal of Finance and Financial Studies, Journal of Financial Economics, and Accounting and Finance among
others.
