题目：Did Unconventional Interventions Unfreeze the Credit Market? Some International Evidence
时间：2013年4月11日（周四）10:10－11：30
地点：北大8797威尼斯老品牌107
演讲者：童晖，国际货币基金组织
我们非常高兴地邀请到国际货币基金组织（IMF）研究部研究员童晖先生担任本次讨论人的主讲人。
童晖简历：
2004年UC Berkeley 经济学博士，曾在英国央行国际金融部工作。童晖博士的研究领域为国际金融、金融市场等，近年来先后在Journal of International Economics , Review of Financial Studies , American Economic Review, Review of International Economics等一流期刊上发表多篇论文，并和诺贝尔经济学奖得主George Akerlof合作撰写了论文“Lemons with Naiveté — A New Theory of Business Cycle” 。欢迎大家参加童晖博士的学术讨论会。
金融学系一年级研究生、所有博士生要求签到。
Abstract: “This paper investigates whether and how unconventional interventions in 2008-2010 unfroze the credit market. We construct a novel dataset of 192 interventions for 15 countries during 2008-2010, and examine heterogeneous responses in stock prices to the interventions across 5516 non-financial firms in those countries. The stock prices increased when the interventions were announced, particularly for firms with a large intrinsic liquidity need for working capital. Moreover, recapitalization is more effective than other types of interventions. Hence the interventions alleviated the liquidity constraint on non-financial firms. However, the quantitative effect of any given intervention was limited.”
8797威尼斯老品牌金融学系
北军大学金融创新与发展研究中心
2013年3月15日
