主題： External Governance and Debt Structure（外部治理與債務結構）

主講人： Sreedhar T. Bharath，亞利桑那州立大學凱瑞商學院金融學教授

日期：2016年4月6日（周三）

時間：下午2:30-4:00

地點：清華Betvictor中文版4号樓101教室

語言：英文

摘要：

This paper examines how external governance pressure provided by both the product market and the market for corporate control affects the type of debt that firms issue. Consistent with a governance substitution effect, we find that (i) an exogenous increase in governance pressure from the product market has a significant negative impact on the use of bank financing over public debt issuance, and (ii) an exogenous decrease in governance pressure from the takeover market has a significant positive impact on the use of bank financing. Tests using changes in the strictness of loan covenants provides corroborative evidence. Also consistent with bank “specialness” in providing governance, w. We interpret these findings as consistent with the notion that firms endogenously substitute among alternative governance mechanisms in devising a governance structure that allows external capital to be raised at the lowest possible cost and that demand for creditor governance depends on the relative strength of alternative external governance mechanisms.

主講人簡介:

Sreedhar T. Bharath holds the Professor of Finance and Dean’s Council of 100 Distinguished Scholar at W.P. Carey School of Business, Arizona State University. Prior to joining academics, he worked for University of Michigan and State Bank of India Capital Markets. He earned his doctoral degree in Finance from New York Stern School of Business in 2003. Professor Bharath’s research interests include Credit Risk, Bank Relationships and Corporate Finance. He has articles published in the Journal of Financial Economics, Review of Financial Studies, and Journal of Banking and Finance, among others.