财务金融系系列讲座之211期

时间：2017年5月9日（周二）13:30

地点：史带楼503室

主持人：Prof. Qi ZHU  Department of Finance, School of Management, Fudan University

主题：Overconfident Banks and Firm Innovations

演讲者： Prof. Tse-Chun Lin  Hong Kong University

摘要： We find that banks with overconfident CEOs (overconfident banks) have greater risk tolerance and lend more to smaller and riskier firms. These overconfident banks also charge higher loan spreads to their borrowers to compensate for bearing higher risks. More interestingly, these overconfident banks prefer lending to risky firms that engage in more corporate innovation. Our results show that these firms spend more on R&D, compared with other borrowers, after obtaining loans from overconfident banks. We also find that these risky borrowers yield higher innovation output and achieve greater market valuation. In addition, we examine the long-term stock returns of firms with overconfident bank loans using a calendar-time portfolio approach and find positive abnormal returns. Overall, our findings suggest a potential bright side for overconfident banks in the corporate innovation process.

简介：Tse-Chun Lin received his Bachelor degree in Economics from National Taiwan University and the Master degree from National Cheng Chi University. He graduated with an M. Phil. in Economics from Tinbergen Institute in 2006. In 2009, he graduated from the Ph.D. program at the University of Amsterdam and joined the University of Hong Kong as an assistant professor at the Faculty of Business and Economics. In 2015, he was tenured and promoted to associate professor at the University of Hong Kong. His research areas information content of options, behavioral asset pricing, behavioral corporate finance, and retail investor behavior. His work has been published in Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Financial and Quantitative Analysis, Review of Finance, and Journal of Banking and Finance.

财务金融系

2017-5-3