报告题目：The Role of Bank Lenders in Firm Leverage Adjustments

报 告 人：Wenlian Gao（北伊利诺伊大学）

报告时间：2021年10月26日（周二）9:00-10:30

报告地点：腾讯会议（861 325 955）

主办单位：应用金融与行为科学学院

【报告人简介】

Wenlian Gao is an assistant professor of finance at Northern Illinois University. She earned her Ph.D in Finance from the University of Wisconsin-Milwaukee. She also holds a M.S. in finance from Wudaokou School of Finance in Tsinghua University (formerly known as the Graduate School of People’s Bank of China) and a B.S. in Economics from Peking University in China. Before joining NIU, she ever taught at Dominican University in Chicago, and the Central University of Finance and Economics in Beijing, China. Her research covers a range of topics in international finance and corporate finance, with an emphasis on international financial markets, corporate diversification, and capital structure. She has published articles in finance and business journals such as the Journal of Corporate Finance, Journal of Banking and Finance, Financial Management, Decision Sciences, Journal of Business, Finance, and Accounting, International Review of Finance, Pacific Basin Finance Journal, and Annals of Operations Research.

【内容摘要】

This paper examines the impact of bank loan characteristics on firm leverage adjustments, with a special focus on the conflict of interest between shareholders and creditors. Results show that, on average, more bank loan slows down leverage adjustments. Subsample analysis reveals that bank loan slows down leverage adjustments in underlevered firms while it speeds up adjustments in overlevered firms. This suggests that bank lenders are able to limit their risk exposure in borrowers and protect their own rights. Further evidence indicates that the effect of bank loan is more notable during the global financial crisis and when a firm is financially constrained. The extent of bank loan concentration and the maturity of bank loan have a significant impact on leverage adjustments as well.

撰稿：赵鹏辉  审核：李凤羽  单位：应用金融与行为科学学院