讲座人： 马黎珺

讲座主题：Credit Constraints and Operating Cost Behaviour: Evidence from Two Quasi-natural Experiments

摘要：This paper exploits two quasi-natural experiments to examine the causal effect of credit constraints on firms’ asymmetric cost behaviour. First, we rely on an exogenous reduction of credit supply to U.S. firms due to Japanese financial crisis in 1991. During the crisis period, firms operated in U.S. states with great Japanese bank penetrations are credit constrained and have to cut down their idle capacity as a response, leading to lower cost stickiness. Second, we use pre-determined maturing of long-term debt as an exogenous increase in firms’ credit constraints. We find lower cost stickiness in firms with significant amounts of long-term debt coming due. Overall, our results suggest a mitigating effect of credit constraints on cost stickiness, indicating that financing cost is an important composition of adjustment costs. Further analyses reveal that the effect of credit constraints on cost stickiness is more pronounced for opaque firms, which is consistent with the credit rationing argument by Stigliz and Weiss (1981).

讲座时间：2016年10月12日，周三，13:30开始

讲座地点：学院南路学术会堂603

讲座人简介：马黎珺，中国人民大学博士生。研究方向为信息披露、企业成本粘性，已在Journal of Corporate Finance, Journal of Business Ethics, Frontiers of Business Research in China,《管理世界》《金融研究》《会计研究》等期刊发表多篇学术论文。

[编辑]：张萌