岭南学术交流会(金融系)

发布人:李义华 发布日期:2019-01-07
活动时间
-
活动地址
岭南堂汪道涵会议室

报告题目:Upfront Fees and Prepayment Risk in Bank Loans

人:Karin Thorburn (Norwegian School of Economics (NHH), 教授)

人:戴芸(中山大学岭南学院  助理教授)

     间: 201919日(周三)下午14:30-16:00

     点:岭南堂汪道涵会议室

    言: 英文

 

Abstract:

We present new, large-scale evidence on commercial and industrial fixed-spread term loans that allow borrowers to prepay the loan without penalty. Using a simple theoretical framework, where firms prepay after receiving a private non-contractible signal of high credit quality, we show that the prepayment option may trigger credit rationing, which can be mitigated through an upfront fee. Our tests show that upfront fees increase with prepayment risk, consistent with the model. Moreover, fees are higher when there is an exogenous shock to the prepayment risk of ex post high-quality firms, instrumented using industry merger activity. Upfront fees are also lower for performance-sensitive debt and credit lines, as predicted.

 

报告人介绍:

        Karin S. Thorburn教授现任挪威经济学院(NHH)的讲席教授,同时在多个美国顶级商学院(包括UC Berkeley HaasUniversity of Pennsylvania WhartonDartmouth College)教授MBA课程。她的研究领域主要包括兼并收购、破产重组、IPO、公司治理、和企业社会责任。她有十多篇论文发表在顶级学术期刊上,包括Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation, Journal of Corporate Finance, Journal of Environmental Economics and Management同时,Thorburn教授兼任多项政府和学术职务,包括政府养老基金的委员会成员,多个国际知名研究机构的研究员(例如CEPRECGI),和欧洲金融协会(EFA)执行委员会董事。

 

 

 

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