講座人：華晨

講座主題：Bank competition and financial covenant tightness

摘 要：This study investigates the relationship between the bank competition and the tightness of financial covenants in the loan contracts. Using statewide bank branch intensity as the proxy of bank competition during 1995 – 2013, we find that the financial covenant tightness is positively associated with the bank competition. We explain the association as the banks offer credit to riskier borrowing firms under intensified competition and thus use more restrictive financial covenants to manage the risks of the loan portfolios. Our empirical evidence verifies the argument by showing negative association between the bank competition and the quality of borrowing firms. We also investigate the cross-sectional heterogeneities of the positive association between bank competition and the tightness of financial covenants.

講座時間：2018年12月27日，周四，14:00開始

講座地點：學院南路主教學樓1006大會議室

講座人簡介：華晨，曼徹斯特大學Alliance曼徹斯特商學院博士研究生。主要研究領域為公司金融，債務契約。2016年獲得國家留學基金委公派留學獎學金。曾在《會計研究》等期刊上發表論文。