珞珈金融论坛(第51期)
发布日期:2016-11-08 09:22:18  点击量:

题目:Contagion or Competitive Effects of Anti-corruption? Evidence from China

报告人:李波,清华大学五道口金融学院,助理教授

时间:20161111(周五) 1430 1600

地点:经管院B228

报告摘要如下:

   This paper investigates the effect of anti-corruption announcements on the financial policies of competitors in the same industry of corruption related firms. The peer firms did not experience decreases in abnormal returns in the 12 days surrounding the investigation announcement. We find that corruption case announcements are associated with increases in debt issuance and the amounts of bank loan financing. This effect is more pronounced for non-SOEs and firms operate in competitive industries, which suggests that competitors benefit from the disadvantage of corruption related firms. Further evidence suggests that peer firms capture larger market share and increase investment efficiency after the anti-corruption events. Our results suggest that the industry-specific competition dominates the industry-specific contagion surrounding anti-corruption announcements. Robustness tests across industries demonstrate that financial intermediaries have informational advantage on firm future political risk and allocate economic resources towards firms in non-corrupt industries, which levels of playing fields for firms in China.

报告人简介:

   李波博士现任清华大学五道口金融学院助理教授。李波于2013年毕业于加拿大女皇大学,获得经济学博士学位。此前获得了加拿大英属哥伦比亚大学硕士学位和加拿大西安大略大学经济学学士学位(最高荣誉奖)。她曾经在奥本海默金融公司实习,并从事反向并购的业务;也曾在加拿大驻美国大使馆实习,并从事多方贸易政策的分析。加拿大驻美国使馆的工作中包含到国会山庄听报告会并分析有关金融危机的问题。

   李波的主要研究领域是实证公司金融,包括财务困境、资产结构、投资、股利政策、管理层薪酬。她最近研究由金融危机衍生的再融资风险及其对股东风险转移的影响。她同时研究在信贷紧缩之后,政府担保项目对恢复金融稳定的有效性。其它的研究还包括再融资风险与财务报告质量的关系。