時間：2020年12月1日（周二下午），13:30-14:30                      

地點：騰訊APP會議（會議号：請有意向參加的博士生和老師聯系趙瑩老師獲取）

研讨會詳細議程：

13:30-14:30              

報告：Bilateral Political Relationships and Cross-Border Lending          

報告人：張玥

摘要：This paper examines the effect of country bilateral political relationships on cross-border bank loan lending. We find that stronger political relationships between country pairs, as captured by similarity in UN General Assembly voting, lead to more favorable loan terms and increases in loan capital flows. The economic magnitude of these effects is large. Our results are robust to using an alternate self-constructed measure of countries’ political relationships based on the occurrence of diplomatic meetings between heads of state. In addition, we document that the strength of political relationships is associated with loan prices changes on the secondary market. We also find that the effect of country political relationships is larger for borrowers with higher information asymmetry and financial constraints and for borrowers from countries with stronger law enforcement and weaker creditor rights. Our findings highlight that political relationships mitigate lenders’ perceived credit risk and are important for firms’ borrowing activities.

報告人簡介：

張玥，北京大學光華管理學院會計學博士研究生，曾獲國家留學基金委資助赴加拿大多倫多大學羅特曼商學院會計系訪學1年。研究方向為貸款合約、企業違規以及企業創新。研究成果被國際會議The Annual Accounting Symposium in SMU以及《中國會計評論》等期刊錄用。