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【12月27日】【CEMA研讨会2018秋季第十五讲】 China's Anti-Corruption Campaign and Credit Reallocation from SOEs to Non-SOEs

[发表时间]:2018-12-19 [来源]:中国经济与管理研究院 [浏览次数]:

  论文题目:China's Anti-Corruption Campaign and Credit Reallocation from SOEs to Non-SOEs

  报告人:李波(清华大学五道口金融990.com助理教授)

  论文摘要:We provide a novel empirical finding that the recent anti-corruption investigations in China are associated with credit reallocation from less productive, state-owned enterprises (SOEs) to more productive, non-SOEs. The empirical strategy exploits staggered investigations as exogenous shocks to bank loan issuance among rival firms in affected industry. The main finding extends to implicated firms and non-affected industries, proves strong for extensive margins and a supply shock, and remains solid for stock market reactions. We further single out the economic efficiency channel, and to a lesser extent, the political connection channel, through which the anti-corruption campaign leads to improved credit reallocation.

  时间:12月27日(周四)中午12:10-13:30

  地点:990.com南路校区学术会堂712

  报告人简介:李波,清华大学五道口金融990.com助理教授。2013年毕业于加拿大女王大学经济系,获经济学博士学位;研究领域为公司金融、政治经济学和企业破产等,并在Journal of Finance, Law, and Accounting等期刊上发表论文。

  主办:中国经济与管理研究院


[编辑]:孙颖