一、主題： Credit Default Swaps and Bank Risk-Taking

二、主講人：湯勇軍，香港大學經濟與bevictor伟德官网副教授，金融碩士項目主任，美國德克薩斯大學奧斯丁分校金融學博士。研究領域包括資産定價、風險管理、結構性金融工具等。他對結構性金融工具的研究取得了非常豐碩的成果，論文在多種國際性金融會議上獲得最高獎項，研究成果在國際經濟學和金融學頂級期刊上發表，包括American Economic Review, Journal of Finance, Journal of Banking and Finance, Journal of Financial Services Research, Journal of Financial and Quantitative Analysis, Review of Financial Studies等。

三、時間：10月10日（周四），13：30—15：00

四、地點：bevictor伟德官网主教樓913會議室

五、主持人：黃志剛，bevictor伟德官网副教授，院長助理

六、評論人：王盈，bevictor伟德官网講師，博士

論文摘要：

This paper shows that banks issue larger loans when the borrower has an active CDS market on its debt. The results are more pronounced when there is an active CDS market referencing the borrower’s debt. The effect only exists for banks active in CDS trading. Meanwhile, banks active in CDS trading do not charge higher spread for the riskier loans they issue to CDS firms. Moreover, the average credit quality of the loans for CDS firms is lower and continues to deteriorate following initiation, compared with loans from similar firm without a CDS market. These findings suggest CDS encourages banks to take on more risk through extending riskier credits without changing pricing. A bank-level analysis suggests that such risk-taking behavior ultimately results in riskier profile for individual banks.