活动预告 | 正午阳光——青年学者论坛（2024春季）第十一期
“正午阳光——青年学者论坛”是金融学院定期举办的以院内师生参与为主的学术交流活动，为全院专家学者之间、师生之间、南开金融与国际国内学术界之间提供了难得的交流机会。本学期“正午阳光”论坛初心不改，扬帆远航再出发，致力于营造学院学校科研氛围，推动师生学术科研水平不断提升！
2024年春季学期 “正午阳光——青年学者论坛”第十一期活动安排如下：
讲座信息
讲座题目
Creditor Conflicts and Bond-Loan Dualholders
主讲人：闫欣焱
南佛罗里达大学Muma商学院金融助理教授，博士就读于阿拉巴马大学。研究领域：实证公司金融领域。闫欣焱曾在代顿大学任副教授并取得终身教职，部分研究涉及金融科技和公司金融的交叉领域，是首批将自然语言处理和机器学习引入公司金融研究的学者之一。她的论文发表于Review of Financial Studies, Journal of Corporate Finance等期刊, 并且其研究成果曾在WFA, AFA等金融类顶级学术会议上宣讲。
讲座时间
2024年6月6日（周四）
12:00 - 13:30
讲座地点
金融学院116教室
内容摘要
Loan lenders’ seniority, renegotiation efficiency, and information superiority over bondholders create creditor conflicts. These advantages can be tempered by lenders simultaneously holding bond positions in the same borrower. We find firms with such dualholders pay higher spreads for new loans, especially when conflicts are more likely, or dualholders have larger bond stakes. This suggests pure lenders’ concerns about losing bargaining power and information advantage over bondholders. Meanwhile, dualholder presence is associated with lower bond spreads in primary and secondary markets. We further show that renegotiation for larger loan sizes is less likely in the presence of dualholders, consistent with dualholders advocating bondholder interests amid creditor conflicts. Consequently, we find higher bond recovery rates in defaults for firms with dualholders. This collective evidence suggests that lenders value their advantages over bondholders when conflicts arise and account for the risk of losing them.
审校 | 朱芷昕
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