行政公告
  • 行政公告
[Seminar] 財金系 5/21 (一) 上午 10:30 邀請政治大學的張元晨教授演講
活動起日:2018-05-21 
發佈日期:2018-05-14 
瀏覽數:191  2018-05-14 更新

本系擬於 5/21 () 邀請政治大學的張元晨教授至本所進行專題演講,相關訊息如下:

 

【演講訊息】

時間: 5/21 () 10:30-12:00

地點: 管理學院一號館 402 教室

講者: 張元晨教授

講題: Fire-Sale Channel of Industry Contagion: Evidence from the Pricing of Industry Recovery Rate


Abstract:

How does bankruptcy contagion propagate among industry peers?  We study the fire-sale channel of industry contagion by examining whether the cost of a company’s debt is affected by the observed recovery rates of its bankrupt industry peers. Our results show that lower industry recovery rates are associated with higher loan spreads but only when the contracts are originated during industry bankruptcy waves. Confirming the fire-sale channel of industry contagion, we find that the negative effect of industry recovery rate is significantly stronger under conditions where fire-sale discount is expected to be more salient.