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          Boosted Credit Ratings in China: The Effects of Credit Enhancement on Bond Pricing
          發布日期:2020-07-22 
          題目: Boosted Credit Ratings in China: The Effects of Credit Enhancement on Bond Pricing
          主講人:高昊宇副教授
          時間:2020-07-22 下午1:30-3:00
          地點:釘釘會議(學院教工群)
          摘要:

          Bond rating can be significantly different from issuer rating. Using a comprehensive dataset of 7,626 enterprise bonds and corporate bonds issued between January 2009 and December 2019 in China, we find that 25.2% of bonds receive improved ratings at issuance in China and among them 96.6% used credit enhancement. The credit enhancement effectively lower debt spread and our results still hold after controlling for a variety of bond and issuer characteristics. We use the propensity score matching and instrumental variable analysis to control for the endogeneity of credit enhancement usage. We empirically identify the risk-reduction and the risk-sharing mechanism while preclude the information production and liquidity improvement mechanism. Our findings suggest an important role of credit enhancement vehicles in credit market. 


          主講人簡介:

          高昊宇博士,中國人民大學副教授,漢青經濟與金融高級研究院金融系系主任,中國人民大學“杰出學者”青年學者,第5屆中國科協“青年人才托舉工程”入選人。曾在香港城市大學、南洋理工大學和美聯儲亞特蘭大分儲短期訪問工作。研究興趣主要集中在公司金融、金融中介與金融市場、債務違約和評級、中國資本市場等方面。代表性學術成果曾發表Review of Financial Studies (RFS), Journal of Financial and Quantitative Analysis (JFQA)、Journal of Financial Services Research (JFSR)、《金融研究》和《中國管理科學》等國內外金融管理領域核心刊物。他的論文還曾獲得12屆亞太金融市場年會(2017, 首爾)和31屆亞洲金融學年會(2018, 東京)最佳論文獎。他的學術兼職有金融科技教育與研究50人論壇青年成員, 中國運籌學會金融工程與金融風險管理分會理事, 中國優選法統籌法與經濟數學研究會量化金融與保險分會理事,美國金融學會會員和中國系統工程學會會員等。此外,他還主持一項國家自然科學基金項目。