一、主題：The Unconventional Effects of Large-scale Asset Purchases: A Firm-level Analysis

二、主講人：常慧麗，香港大學金融學博士（2015年即将畢業）。本科就讀于北京大學新聞與傳播學院編輯出版學專業，2010年獲得北京大學經濟學碩士學位。主要研究領域包括金融市場、公司金融等。其研究成果在多個國内外高水平學術會議上宣講，包括美國的Financial Management Association Annual Meeting, 歐洲的European Financial Management Association Conference, 國内的Asian Finance Association Conference, Five Star Forum in Finance等會議。

三、時間：2015年3月11日（周三），12:30-14:00

四、地點：bevictor伟德官网主樓913會議室

五、主持人：黃志剛，bevictor伟德官网副教授

文章摘要：This paper examines the impact of large-scale asset purchases (LSAPs) on corporate financing and investment. I find that LSAPs increased corporate financing relative to the pre-LSAP crisis period and shifted the corporate financing pattern towards greater equity financing. Specifically, LSAPs enabled noninvestment-grade firms to issue more public equity, and allowed investment-grade firms to issue more bonds. After raising capital, public equity issuers used the proceeds to avoid bankruptcy, whereas debt issuers used the funds to expand their businesses. Therefore, unlike traditional monetary policy tools that affect bank lending, LSAPs stimulate the real economy by spurring the stock and bond markets and thereby providing firms with alternative sources of financing.