德勤－复旦会计论坛系列讲座之八十六
时间：2015年8月11日（周二）下午13：30
地点：史带楼502室
主持人: 施海娜 副教授
演讲嘉宾：Jeong-Bon Kim (University of Waterloo)
Title：Creditor Control Rights and Crash Risk
Abstract：We investigate how creditors’ control rights affect borrowers’ crash risk. Relying on the identification strategy of regression discontinuity design (RDD), our findings reveal that borrowers’ crash risk declines significantly once banks obtain additional control rights upon covenant violations. Further analyses imply that the reduction in borrowers’ crash risk is more pronounced when the monitoring cost is lower, and when banks recognize loan losses in a timelier manner. Finally, we find a stronger crash-risk reducing effect of creditor control rights on more highly leveraged and more informationally opaque borrowers. Overall, banks play an important governance role in mitigating managerial bad news hoarding and overinvestment, thereby reducing crash risk.
会计学系
2015-8-6
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