主題：Do
Banks Extract Informational Rents Through Collateral? （銀行是否通過抵押來獲取信息租金？）
主講人：Adrian Van Rixtel，國際清算銀行貨币及經濟部高級經濟學家
日期：2015年6月24日（周三）
時間：中午
12:30-13:30
地點：清華Betvictor中文版1号樓501教師休息室
語言：英文
摘要：
This
paper investigates if informational monopolies resulting from relationship
lending and market concentration allow for rent extraction through collateral.
Our identification strategy hinges on the notion that informational
equalization shocks (such as equity IPOs) erode rent seeking opportunities,
while competing theories do not rely on information asymmetries among lenders.
Using a unique hand-collected database of 9,288 bank loans obtained by 649
listed Chinese firms, we find that collateral incidence is positively
associated with relationship intensity and market concentration, while this
effect is moderated after the IPO of the respective firm. These results are
obtained controlling for a large number of loan and firm characteristics,
monetary policy variables and regional macroeconomic characteristics. We also
demonstrate important cross-sectional variation among borrowing firms: rent
extraction through collateral is significantly less pronounced for more
transparent and less risky firms. Our results hold for a battery of robustness
tests, both included in the paper and in an Internet appendix (available upon
request). Furthermore, we provide new evidence on the determinants of collateral
in Chinese bank lending markets.
主講人簡介：
Since
joining the Bank for International Settlements (BIS, Basel) in 2012, Adrian van
Rixtel has been working as Senior Economist in the Financial Markets Unit of
the Monetary and Economic Department. Before joining the BIS, he was Head of
International Financial Analysis at the Bank of Spain (Banco de Espa?a) in
Madrid. He also held positions at the Netherlands Central Bank and the European
Central Bank and at private financial institutions in Amsterdam and London,
primarily in research related activities. Adrian took his MA at Tilburg
University and his Ph.D. at the Tinbergen Institute, Free University Amsterdam.
He has published in a wide range of journals and books. His research has been
discussed in The Economist and Wall Street Journal. His current research
focuses on Chinese banking, determinants of European banks’ funding, sovereign
exposures of euro area banks and structural banking reforms.
