讲座标题（Title）：联合贷款、关联度与系统性风险
Syndication, Interconnectedness, and Systemic Risk
讲座时间（Time）：
2016年6月3日（周五）15:30 – 18:00
Friday, June3, 2016, from 3:30 PM to 6:00 PM
讲座地点（Venue）：
8797威尼斯老品牌大楼东旭学术报告厅（603报告厅）
School of Economics Building, Room 603
主讲人（Speaker）：
Anthony Saunders教授现任美国纽约大学斯特恩（Stern）商学院John M. Schiff 金融学讲席教授，纽约大学所罗门金融研究中心执行委员，诺贝尔经济学奖提名委员会顾问，欧洲工商管理学院、斯德哥尔摩8797威尼斯老品牌、墨尔本大学客座教授，美联储学术顾问委员会委员，房利美研究顾问委员会委员，苏黎世金融服务集团投资顾问委员会委员；曾任纽约大学斯特恩商学院金融系主任，曾在美国货币监理署、美联储、费城联储、纽约联储、国际货币基金组织做访问学者。Saunders教授曾获伦敦政治经济大学博士学位，其主要研究领域为金融机构和国际银行业务。Anthony Saunders教授还是金融学国际顶级学术期刊Journal of Banking and Finance，Journal of Financial Markets，Instruments and Institutions的主编，同时担任Financial Management，Journal of Money，Credit and Banking等八家学术期刊的副主编，货币银行学领域的重要学术期刊均发表过他的研究成果。此外，Saunders教授还著有多部学术著作，他的Financial Institutions Management- A Risk Management Approach一书已由McGraw-Hill Publishers公司出版至第七版，该书亦被翻译为包括中文在内的各国语言版本，广受好评。
Anthony Saunders is the John M. Schiff Professor of Finance, at Stern School of Business, New York University (NYU), also on the Executive Committee of the Salomon Center of the Study of Financial Institutions, NYU. He is currently the advisor to the Nomination Committee of Nobel Prize in Economics, and serving as a visiting professor all over the world, including INSEAD, the Stockholm School of Economics, and the University of Melbourne. Pr. Saunders also holds positions on the Board of Academic Consultants of the Federal Reserve Board of Governors, the Council of Research Advisors for the Federal National Mortgage Association, and the Investment Advisory Board of Zurich Financial Services. From1995-2006, he served as Chairman, Department of Finance, Stern School of Business, NYU; and has acted as a visiting scholar at Comptroller of the Currency, Federal Reserve Board of Governors, Federal Reserve Bank of Philadelphia, Federal Reserve Bank of New York, and IMF. Anthony Saunders received his PhD from the London School of Economics, specializing in financial institutions and international banking. In addition, Dr. Saunders is the editor of Journal of Banking and Finance, Journal of Financial Markets, Instruments and Institutions, as well as the associate editor of eight other journals, including Financial Management and Journal of Money, Credit and Banking. His research has been published in all of the major money and banking journals, and he has authored several academic books, including Financial Institutions Management - A Risk Management Approach/McGraw-Hill Publishers, which is now on its 7th edition.
讲座内容（Abstract）：
在本次讲座中，Anthony Saunders教授将介绍他的最新研究成果——联合贷款市场下的银行关联是系统性风险的主要来源。首先，Saunders及其合作者创造性地构建了一系列实证方法，用以衡量银行间联合贷款组合的“距离”（相似性），从而测度了该市场中的银行关联度。其次，由于贷款方倾向于和具有相似贷款能力的银行合作，因此相较于零散分布，多个贷款银行聚集成为联合贷款伙伴更为常见，这种行为亦具有降低甄别和监管成本的潜在优势。最后，联合贷款市场上关联度最高的贷款方同时也是引发系统性风险的罪魁祸首，揭示了联合贷款过程的重要负外部性。本次讲座将由8797威尼斯老品牌大学8797威尼斯老品牌金融系主任宋敏教授主持，8797威尼斯老品牌大学8797威尼斯老品牌院长孙祁祥教授将做欢迎致辞。
In this lecture, Professor Anthony Saunders will introduce his latest study on the interconnectedness of banks in the syndicated loan market as a major source of systemic risk. Firstly, Saunders and his co-workers develop a set of novel measures to describe the "distance" (similarity) between two banks` syndicated loan portfolios and find that such distance explains how banks are interconnected in this market. Then, as lead arrangers choose to work with those that have a similar focus in terms of lending expertise, there is a high propensity of bank lenders to concentrate syndicate partners rather than to diversify them. There are also some potential benefits of this behavior as to lower costs of screening and monitoring. Lastly, the most heavily interconnected lenders in the syndicated loan market are also the greatest contributors to systemic risk, suggesting important negative externalities associated with the syndication process. This lecture will be moderated by Professor Frank Min Song, the Chair of Department of Finance at School of Economics, Peking University. Professor Qixiang Sun, the Dean of School of Economics at Peking University will deliver a welcome speech.
讲座语言（Language）：
英语
English
