2020年6月2日学术报告通知

发布时间:2020-06-11


嘉宾简介:

Dr.  Qiu is a professor of finance and the CIBC chair in Financial Markets at McMaster University. He received his Ph.D. in Economics and Finance from the University of Toronto. Dr.  Qiu’s research focuses primarily on issues in corporate finance. Dr. Qiu has published extensively in top finance and business journals, including theJournal of Financial Economics, Review of Financial Studies, Accounting Review, Management Science and Journal of International Studies. He was a recipient of the best corporate finance paper awards from Financial Management Association and Northern Finance Association. He has served as an external evaluator for Swiss National Science Foundation and Hong Kong Research Grants Council. He is currently conducting research on how technology innovations reshape corporate financial policy and organizational structure.

内容提要:

This paper examines how credit risk spillovers affect corporate financial flexibility. We construct separate empirical proxies to disentangle the two channels of credit risk spillovers— credit risk contagion (CRC), which increases industry peers’ distress likelihood; and product market rivalry (PMR), which strengthens rivals’ competitive position. We show that firms facing greater CRC hold more cash, make lower payouts, and must contend with less favorable bank loan terms. In contrast, PMR generally has opposite, albeit weaker, effects. Our findings suggest that credit risk spillovers, especially CRC, play an important role in corporate liquidity management