讲座人：华晨

讲座主题：Bank competition and financial covenant tightness

摘 要：This study investigates the relationship between the bank competition and the tightness of financial covenants in the loan contracts. Using statewide bank branch intensity as the proxy of bank competition during 1995 – 2013, we find that the financial covenant tightness is positively associated with the bank competition. We explain the association as the banks offer credit to riskier borrowing firms under intensified competition and thus use more restrictive financial covenants to manage the risks of the loan portfolios. Our empirical evidence verifies the argument by showing negative association between the bank competition and the quality of borrowing firms. We also investigate the cross-sectional heterogeneities of the positive association between bank competition and the tightness of financial covenants.

讲座时间：2018年12月27日，周四，14:00开始

讲座地点：公司南路主教学楼1006大会议室

讲座人简介：华晨，曼彻斯特大学Alliance曼彻斯特商学院博士研究生。主要研究领域为公司金融，债务契约。2016年获得国家留学基金委公派留学奖学金。曾在《会计研究》等期刊上发表论文。