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汪勇祥|第240期双周学术论坛

作者:     日期:2018-06-04    来源:

  一、主题:Animal Spirits: Stock Market Volatility and Loan Office Decision Making

  二、主讲人:汪勇祥,南加州大学Marshall商学院金融学副教授(终身教职)。2010年毕业于美国哥伦比亚大学商学院金融系,获得博士学位,本科硕士就读于中国人民大学。研究方向包括实证公司金融、政治经济学、组织经济学和行为经济学。汪教授的文章发表在顶尖经济学,金融学,会计学和管理学期刊,包括Journal of Political Economy, Review of Economic Studies, American Economic Journal: Applied Economics, Journal of Financial Economics, Review of Financial Studies,Journal of Accounting and Economics, Management Science等杂志。他的研究获得了美国、英国、澳大利亚,以及中国国家自然基金的资助。其成果被Wall Street Journal, Business Week, The Economist, New York Times, Science等经济、金融和科学媒体报道。

  三、时间:2018年6月6日(周三),12:30-13:30

  四、地点:学院南路校区主教学楼913会议室

  五、主持人:黄志刚,中央财经大学金融学院副教授

 

  Abstract: Using data from a large Chinese bank, we find that daily stock market performance has a significant effect on the decision making of loan officers in a manner difficult to reconcile with rational choice theory.  A one standard deviation increase in daily stock market volatility leads to approved loans having a 5.3% lower probability of entering distress, a 5.6% increase in loan size, and increase in the borrowing firm's credit scores. We explore a range of potential mechanism and find the most support for stock market volatility leading to an increase in the contemporaneous risk aversion of loan officers.