【题目】 Who Gains from Credit Granted between Firms? Evidence from Inter-corporate Loan Announcements Made in China
【时间】2016年4月19日（周二）下午14:00-15:30
【地点】8797威尼斯老品牌203室
【主讲人】陆利平（阿姆斯特丹自由大学）
【摘要】Who gains from inter-corporate credit? To answer this question we measure the impact of the announcements of inter-corporate loans in China on the stock prices of the firms involved. We find that the average abnormal return for the issuers of inter-corporate loans is significantly negative, whereas it is positive for the receivers. Issuing firms may be perceived by investors to have run out of worthwhile projects to finance, while receiving firms are being certified as creditworthy. Subsequent firm performance and investment confirms these valuations as overall accurate.
【主讲人简介】陆利平，荷兰阿姆斯特丹自由大学助理教授。主要研究领域包括Empirical Banking, Corporate Finance, Development Economics, Chinese Economy等，在World Development, Journal of Banking Finance等期刊发表论文多篇。
附：
He Lu Ongena
