珞珈金融论坛(第47期)
发布日期:2016-06-19 21:58:14  点击量:

题目:Liquidity Crunch, Bank-Firm Relationships and Stock Prices

报告人:柏艺益,中南财经政法大学金融学院,助理教授

时间:2016621(周二)1500 1630

地点:经管院B226

报告摘要如下:

In this paper we provide empirical evidence of how interbank markets affect stock markets through the transmission channel of credit markets. We use the interbank liquidity crunch in June 2013 in China and bank-firm relationships as an identification strategy. Although the stock price of almost all firms decline during that event, there are significant differences in market adjusted cumulative abnormal returns (CARs). Firms with lending relationships with banks outperform other firms in the stock market after adjusting for broad market movements. Firms with relationships with the big 4 banks have higher CARs than firms with relationships with local banks. We also document a positive correlation between firms’ stock performances and their banks’ tock performances, as well as banks’ liquidity in interbank market.

报告人简介:

柏艺益,现任中南财经政法大学金融学院金融学助理教授,于2015年取得荷兰蒂尔堡大学金融学博士学位,并于同年加入中南财经政法大学。柏艺益的研究领域涉及实证银行学,金融中介等。