德州扑克大小

斯德哥尔摩经济德州扑克大小 金融学教授Mariassunta Giannetti学术研讨会:信息共享与信用评级操控

时间: 2015-10-21 15:21 来源: 作者: 字号: 打印

主题:Information Sharing and Rating Manipulation(信息共享与信用评级操控

主讲人:Mariassunta Giannetti,斯德哥尔摩经济德州扑克大小 金融学教授

日期:2015年10月21日(周三)

时间:下午2:00-3:30

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:

We show that banks manipulate the credit ratings of their borrowers before being compelled to share them with competing banks. Using a unique feature on the timing of information disclosure of the Argentinean public credit registry, we are able to disentangle the effect of manipulation from learning of credit ratings. In particular, we show that banks downgrade high quality borrowers on which they have positive private information to protect their informational rents. Banks also upgrade low quality borrowers to avoid creditor runs. Our results can explain the limited effectiveness of public credit registries and cast doubt on the use of credit ratings in reducing information asymmetry.

主讲人简介:

Mariassunta Giannetti is Professor of Finance at Stockholm School of Economics. Professor Giannetti received a Master in Economics from Bocconi University in Italy, and a Ph.D. in Economics from University of California, Los Angeles. Prior to joining the Stockholm School of Economics, she was a research fellow of Center for Economic Policy Research (London, UK) since 2003. Also, she is the Director of European Finance Association (EFA). What’s more, she has served as associate editor for many editorial boards such as Review of Financial Studies and Financial Management. Her papers have appeared in Journal of Finance, Journal of Financial Intermediation, Journal of Financial Economics and other leading finance journals.