时 间：2018年9月27日（周四）下午13:30
地 点：浙江大学紫金港校区行政楼502会议室
主讲人：丘步晖副教授，澳大利亚悉尼大学商学院
题 目：Deleveraging, Market Liquidity, and Funding Liquidity Crisis:A Natural Experiment
摘 要：
Does deleveraging affects financial institutions’ funding market liquidity and funding constraints?We use the forced deleveraging of structured mutual funds during the 2015 Chinese stock market crash as a natural experiment to study the causal impact of deleveraging on market liquidity, funding constraint and performance. Our regression-discontinuity-design analysis shows that deleveraging has a large and negative impact on fund equity unit market liquidity. Our difference-in-differences analysis further shows that deleveraging results in large decreases in fund flows, stock and cash holdings, and fund performance in subsequent quarters, with the impact being channelled through the deterioration of equity unit market liquidity.
主讲人简介：
丘步晖是澳大利亚悉尼大学商学院金融学副教授兼金融学博士项目主管。他获得美国辛辛那提大学金融学博士学位，广州中山大学会计学硕士学位，上海复旦大学物理学学士学位，并获得江苏南京大学—美国约翰斯霍普金斯大学中美文化研究中心毕业文凭。他曾就职于国际商用机器公司（IBM）和普华永道咨询公司（PwCConsulting）任高级财务咨询顾问，并曾就职于福特汽车公司（Ford）任投资项目财务分析师。丘教授有多篇论文在国际领先的金融学与会计学刊物上发表，例如The Accounting Review, Journal of Financial and Quantitative Analysis, Contemporary Accounting Research, Journal of Banking and Finance等。他的论文多次获得国际研究奖，例如Chicago Quantitative Alliance Award，FIRN CFABest Paper Prize, FMA Asia Pacific Conference Best Paper Award等。他的论文曾被国际顶尖的经济学、金融学和会计学学术会议如AEA，WFA，FARS 等收录，并被多家国际知名媒体如The Economist, Money Week等所引用。
