报告题目：Cheap USD Credit: Panacea or Poison? Firm-level Evidence from Emerging Markets
报告人： 王潇（中国科学技术大学）
报告时间：10月12日9:30-11:00
报告地点：科教楼B座1005
主办单位：UG环球360官方网站
内容摘要：
Using firm-level data from emerging markets, we examine the effect on corporate risk-taking of the US dollar debt issuance in the post-GFC low interest rate environment. We find that the dollar debt issuance significantly increases issuers’ risk-taking. This effect is more pronounced when global banks have a stronger appetite for risk. Following the dollar debt issuance, issuers significantly increase their investment spending but end up with lower investment efficiency and greater financial vulnerability. Moreover, non-issuers also exhibit increased risk-taking when faced with rising intra-industry competition pressure from issuers. The intra-industry cross-sectional risk distributions are more tilted towards the downside.
报告人简介：
中国科学技术大学管理学院教授，国际金融研究院院长助理，北京大学经济学学士（2003年）和经济学硕士（2005年），美国威斯康斯（麦迪逊）大学经济学博士（2011年），主要研究国际经济学和应用计量经济学，在Journal of International Economics, Journal of Banking and Finance等国际知名期刊发表论文多篇，获蒲山优秀论文奖（2016年）。
