财务金融系系列讲座之240期

时　间：2019年4月11日（周四）13:30

地　点：史带楼601室

主持人：Ph.D. Na ZHANG　 Department of Finance, School of Management, Fudan University

主　题：Policy interventions, Liquidity, and Clientele effects in the Chinese corporate credit bond market

演讲者：Prof. Marti G. Subrahmanyam  Professor of Finance and Economics, Stern School of Business 

摘　要：We study the impact of policy interventions on credit bond liquidity and pricing in the interbank and exchange markets in China during the period of 2006-2017. First, we introduce a novel measure of liquidity and find that the levels of liquidity, measured by this proxy, vary across different categories of credit bonds. Second, we show that government policies exerted a profound influence on liquidity during the various phases of international and domestic liberalization. Liquidity effects responded strongly to the relaxation of quota limits and to the simplification of approval procedures on foreign investment into the interbank market, while, surprisingly, not to the two crackdowns of illegal trading activities. The break dates in liquidity, endogenously determined from a structural break test, also correspond to the dates of several major policy announcements.

简　介：Marti G. Subrahmanyam is a professor in Finance and Economics at Stern School of Business. He was awarded Best Paper Prize at FMA European Conference in 2015 and at The China Finance Association in 2014. His research has been published at Journal of Financial Economics, Journal of Finance and Journal of Banking and Finance.

财务金融系

2019-4-8