一、主題：How Do Creditor Rights Affect Investments: the Role of Credit Ratings

二、主講人：顧弦，bevictor伟德官网講師，北京師範大學經濟學博士，美國賓夕法尼亞大學沃頓商學院金融系博士後研究員。主要研究領域包括銀行、監管、公司金融。曾任倫敦帝國理工商學院金融系研究員、中信證券研究部宏觀分析師等。曾在Journal of Banking and Finance、Oxford Handbook of Banking等期刊與論文集中發表論文，出版著作《動蕩未定——新巴塞爾協議與操作風險管理理論》。

三、時間：2015年11月26日（周四），12:30-13:30

四、地點：學術會堂606會議室

五、主持人：苟琴，bevictor伟德官网講師

摘要：In this paper, we examine how creditor protection affects firms' financing and investment decisions through credit ratings in the public debt market. Using firm-level data in 63 developed and developing countries from 1989 through 2013, we find that in countries with stronger creditor rights, firms tend to have higher rating than those in countries with weaker protection. Moreover firms with higher ratings in countries with stronger creditor protections tend to have higher level of bond issuance relative to equity issuance and further have more investments. Additionally, improvements in creditor protection and rating promote capital expenditure more significantly for firms with severe agency conflicts and hence benefit particularly the public debtholders of those firms.