讲座主题：Foreign Bank Entry andStock Price Crash Risk: Insights from Staggered Regulatory Changes

　　主讲人：倪骁然

　　讲座地点：A208

　　讲座时间：2018年5月17日上午9点30分

　　主办单位：999策略白菜手机论坛会计系

　　讲座摘要：We examine whether and how foreign bank entry affects stock price crash risk by exploring unique regulatory changes in China as staggered quasi-exogenous shocks. We find that the likelihood of stock price crashes decreases significantly following the opening-up of the domestic banking system to foreign banks, which enormously extends firms’ accessibility to foreign bank loans. Moreover, the effects are more pronounced in firms with higher ex-ante financial distress risk. Consistent with the financial distress channel rather than the external monitoring channel, our findings suggest that foreign bank entry mitigates the default risks in domestic capital market by catering for the shortage of bank loans and abates the tendency of extreme bad events. Our study highlights the importance of bank reforms incur tailing tail risks on the financial markets.

　　个人简介：倪骁然，厦门大学王亚南经济研究院的助理教授，曾在Journal of Corporate Finance、Pacific-Basin Finance Journal、《经济学(季刊)》《管理世界》等期刊上发表文章。