讲座题目：Banks' equity stakes in firms: A blessing or curse in credit markets?

　　报告人：于月娟

　　报告时间：2018年12月7日(周五)上午10:00-12:00

　　报告地点：经管院(A208)

　　主办单位：999策略白菜手机论坛

　 　数理经济与数理金融系

　 　《经济评论》

　　讲座摘要：In this paper, we investigate how banks' equity stakes in their borrowers influence their credit provision to those firms in crises times. We merge unique data from the German credit register on individual bank-firm credit exposures with the security deposit data that include banks' equity holdings. We find that a large equity position held by a bank in a firm generally increases the bank's credit provided to that firm but not during the crisis. Only distressed firms seem to obtain more credit in that period and they do so only from relatively weak banks. In our analysis we account for other relationship lending effects at the bank-firm level. Our results suggest that banks' equity stakes in their borrowers do not mitigate debt overhang problems of distressed firms, they rather seem to foster evergreening of banks' outstanding credits with distressed firms.

　　主讲人简介：于月娟，荷兰Tilburg University金融学博士，现在在山东大学经济学院工作，研究方向为银行学，信用衍生品等;曾在Journal of Financial Services Research等发发表文章。