Time/时间：2020.10.16 10:00-11:30
Venue/地 点：Room 501, Jiageng Building 2/嘉庚二号楼501教室
Topic/题 目：Credit Information Sharing and Investment Efficiency: Cross-Country Evidence
Speaker/报告人：Fangfang HOU/侯芳芳
Abstract：
This paper investigates the impact of credit information sharing on firms’ investment efficiency. We utilize the staggered adoption of public credit registries (PCRs) to proxy for mandatory information sharing and examine its impact on firms’ investment efficiency. We find that information sharing is significantly and positively associated with firms’ investment efficiency. This finding is consistent with the view that the introduction of PCRs affects borrowers’ investment behaviors through mitigating problems of information asymmetry and credit inaccessibility. We further find that this positive effect is stronger among firms in a relatively weak information environment, those in economies with strong private monitoring, and those in economies in which the banking system has a high degree of information monopoly. Overall, our paper provides novel insights into a positive important economic impact on firms arising from information sharing in credit markets.