时 间：2018年6月13日（周三）下午14:00
地 点：浙江大学紫金港校区行政楼702会议室
主讲人：Eddie Zhao助理教授，University of Massachusetts Boston
主持人：董望副教授，火狐手机版登录入口
题 目：Bank Specialness, Credit Lines, and Loan Structure
摘 要：
We find strong evidence from multiple tests that credit lines (CLs) play special roles in syndicated loan packages. We find that CLs are associated with lower interest rate spreads on institutional term loans (ITLs) in the same loan packages. CLs also help improve secondary market liquidity of ITLs. Additional tests using Lehman Brothers bankruptcy as a natural experiment confirm our conclusions. These findings support the Bank Specialness Hypothesis that banks play valuable roles in alleviating information problems and that CLs are one conduit for this specialness. Findings also suggest that bundling CLs with ITLs has significant benefits for many parties.
主讲人简介：
Eddie Zhao博士是University of Massachusetts Boston财务与会计学系助理教授，主要研究金融机构、银行以及公司财务领域问题，成果发表于Journal of Financial and Quantitative Analysis等期刊。
