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“厦门大学会计学科教师与研究生系列Seminar”之四十

2018-11-09 14:06 196

为了活跃厦门大学会计学科的学术研究氛围,激发既有教师与在校研究生的学术研究热情和积极性,促进教师之间、教师与研究生之间、研究生彼此之间的深入交流、思想碰撞与知识分享,我们组织了由厦门大学会计学科的常任教师、博(硕)士研究生、国际访问学者等作为报告人的系列Seminar。该Seminar将冠以“厦门大学会计学科教师与研究生系列Seminar”的总标题,从2017年3月14日起,每周周二下午15:00-17:30举行。该Seminar与已有的“财务、会计Seminar”(主要聘请校外与境外的学者担任报告人) 相互补充,以期能够更好地推动厦门大学会计学科的学术发展。

题 目:Litigation Risk and Debt Contracting: Evidence from a Natural Experiment

报告人:沈江华 助理教授

主持人:张国清 教授

时  间:2018年11月13日(星期二),15:00-17:30

地  点:嘉庚二203室

论文摘要:In June 2001, Nevada changed its state corporate law by substantially reducing the legal liability of directors and officers for breaching fiduciary duties owed to the corporation. We examine the impact of the reduced litigation risk caused by this legislative change on Nevada firms’loan contract terms and related borrower-lender agency conflicts. Using a difference-in-differences analysis, we find that this legislative change leads to less favorable loan contract terms for Nevada firms: higher spread and more restrictive covenants. In addition, after the legislative change, Nevada firms with severe borrower-lender agency conflicts take more risk, increase payout through stock repurchase, and reduce capital investment and equity issuance. Collectively, these results suggest that the reduced litigation risk exacerbates the borrower-lender agency conflicts. 

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