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    漢青論壇第296期:12月4日盧瑞昌助理教授
    (漢青經濟與金融高級研究院發布于:2019-12-03 09:22:23)

    漢青論壇第296期:12月4日盧瑞昌助理教授

    本期主題: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.

     

    報告人:盧瑞昌 北大光華管理學院 金融系助理教授

    時間:12月4日(周三) 12:15

    地點:明德主樓515教師交流室

    誠邀各位老師參加。如果您有興趣,請于12月3日前回復郵件liu.zhe AT ruc.edu.cn或電話聯系,我們將為您預留座位。聯系人:劉喆  62510919。

     

    報告人簡介:

    盧瑞昌,北京大學光華管理學院金融學助理教授。畢業于新加坡國立大學商學院金融系,獲金融博士學位。研究方向是銀行貸款,金融中介機構,公司財務。


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