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陈宇子 | 应用金融系第6期Seminar暨第318期我院双周学术论坛

[发布日期]:2020-10-10  [浏览次数]:

一、主题:Ownership Structure, Antitakeover Provisions, and the Cost of Bank Debt  

二、主讲人:陈宇子,中央财经大学金融科技系助理教授    

三、特邀点评人:楼平易,复旦大学经济学院助理教授

2018年于南洋理工大学商学院获得金融学博士学位。主要研究领域为保险公司财务、保险监管等。近年来,在《中国社会科学》、Journal of Banking and Finance等国内外权威学术期刊发表论文多篇。

四、时间:2020年10月15日星期四,15:00 -16:30

五、地点:腾讯会议,会议ID:205704536

六、主持人:朱菲菲,中央财经大学应用金融系助理教授

六、论文介绍

We investigate whether the effects of antitakeover provisions(ATPs) on debtholder wealth vary across firms’ ownership structure. Using a regression discontinuity design, we find that loan spreadssignificantly decrease (increase) for family (nonfamily) firms after thepassage of close-call shareholder proposals to remove ATPs. The decrease (increase) in loanspreads is more evident when family firms (nonfamily firms) have lower (higher)asset substitution problems, when they face more (less) intense product marketcompetition, and when institutional shareholders hold smaller (larger)ownership. The results suggest that ownership structure is an important factorwhen assessing the impact of ATPs on debtholder wealth.  



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