时间：2019年4月11日（周四）15:00-16：30
地点：嘉庚二号楼501教室
题目：Does bank deregulation affect stock price crash？
报告人：刘杨珂，英国贝尔法斯特女王大学财务学讲师 主持人：叶建明，财务管理与会计研究院院长、教授 |
论文摘要：
This paper examines the effect of the deregulation of bank branch restrictions on nonfinancial firms’ stock price crash risk. We find robust evidence that the intrastate branching deregulation leads to lower levels of firms’ future stock price crash risk, consistent with branch reform improving bank monitoring efficiency and enabling banks to better constrain borrowers’ bad-news-hoarding behavior. This mitigating effect is more pronounced for financially constrained firms and those that are more dependent on external finance and lending relationship. Our findings suggest that, as a law aimed at removing limits on bank branch expansion, bank deregulation also carries benefits for protecting shareholders’ wealth of nonfinancial firms.
刘杨珂博士于英国曼彻斯特大学获得会计与财务学博士学位，研究兴趣为公司财务、公司治理等，已在European Financial Management发表1篇论文。