汉青论坛第296期:12月4日卢瑞昌助理教授

(汉青经济与金融高级研究院发布于:2019-11-30 13:37:09)

汉青论坛第296期:12月4日卢瑞昌助理教授

本期主题:Unintended Consequences of Community Reinvestment Act: Evidence from the Corporate Loan Market

 

摘要:

We study how an exogenous shock to the banking industry mostly localized in the local community lending spills over to the corporate loan market and how it tilts the allocation of capital in the corporate finance market. We focus on the Community Reinvestment Act (CRA), a legislation created to improve the state of capital access. We argue and show that the need for banks to comply with the CRA requirements change their behavior in the corporate loan market. We show that banks respond to the CRA by increasing lending and offering financial incentives to borrowers. The ensuing potential losses in the mortgage business may induce banks to try to compensate in the corporate loan market. They do so by increasing the quantity of loans in the corporate loan market to the very same firms that were supplied before. The quality of lending stays the same, but banks use their “relationship banking” power to induce firms to take this additional lending to replace equity financing with debt financing. This induces a shift in the capital allocation of the manufacturing sector from equity-financing to debt-financing (e.g., more leverage and more share repurchase) but does not lead to more investment.

 

报告人:卢瑞昌 北大光华管理学院 金融系助理教授

时间:12月4日(周三) 12:15

地点:明德主楼515教师交流室

诚邀各位老师参加。如果您有兴趣,请于12月3日前回复邮件liu.zhe AT ruc.edu.cn或电话联系,我们将为您预留座位。联系人:刘喆  62510919。

 

报告人简介:

卢瑞昌,北京大学光华管理学院金融学助理教授。毕业于新加坡国立大学商学院金融系,获金融博士学位。研究方向是银行贷款,金融中介机构,公司财务。


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