报告题目：International Evidence on Government Debt and Corporate Cash Holdings

报 告 人：Abhinav Goyal（科克大学）

报告时间：2022年4月12日（周二）9:00-10:30

报告地点：ZOOM平台在线交流（会议ID：964 3350 3340；会议密码：654326）

ZOOM App下载链接：//zoom.us/download, 亦可点击以下链接直接参加会议：//hawaii.zoom.us/j/96433503340

主办单位：应用金融与行为科学学院

【报告人简介】

Abhinav Goyal is Professor of Corporate Finance at the Business School, University College Cork, Ireland. Abhinav received his Ph.D. in Banking and Finance from University College Dublin, Ireland and his postgraduate degree in Financial Risk Management from Simon Fraser University, Canada. Previously, he has held the positions of Lecturer and Senior Lecturer at School of Management, University of Liverpool, U.K. Abhinav has also held a Visiting Position at Department of Banking and Finance, Monash University, Australia. He is/has been the external examiner to the London School of Economics, Alliance Business School (University of Manchester), University of Glasgow, University of Nottingham, and Dublin City University.

Abhinav has received “Best Paper Award” by Asian Finance Association in 2018, Eastern Finance Association in 2016, and Indian Finance Association in 2013. He has presented his research in more than 50 academic seminars, workshops and conferences worldwide, including Reserve Bank of India and De Nederlandsche Bank, and published in top-tier international finance journals – Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Econometrics, Journal of Financial Research, Accounting Horizons, Financial Review, and British Accounting Review among others.

【内容摘要】

We show a positive relation between government debt and corporate cash holdings for a large sample of 13,045 firms across 26 countries between 1992-2019. Our finding is robust to several sensitivity tests, including alternate definitions of government debt and corporate cash holdings, and potential endogeneity concerns. The effect of government debt on corporate cash holdings is stronger for firms with low net working capital, and in bank dependent countries. Government debt exerts a weaker influence on cash holdings in countries with stronger institutional setting and greater market openness. Taken together, our results suggest that government debt crowds out private spending motivating firms to accumulate more cash.

撰稿：赵鹏辉  审核：李凤羽  单位：应用金融与行为科学学院