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Home Events
economics
12Nov

“Debt Governance, Bank Capture, and Soft Budget Constraints: An Empirical Analysis of an Emerging Market” by Lihui TIAN

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Author:

  • Lihui TIAN
    Peking University

 

This paper examines the governance role of debt under soft budget constraints. Using a sample of modern firms listed on China's burgeoning stock market, we find that in contrast to standard finance theories, debt facilitates managerial exploitation of corporate wealth in an emerging market. An increase in bank loans increases the size of managerial perks by and free cash flows, or it decreases corporate value. The failure of debt governance is attributable to the institutional setting of China, where the government owns large banks and firms.

"The Structure of Authority, Property Rights and Economic Stagnation: The Case of China " by Ron EDWARDS

Thursday, 6 November 2003

"The 1997-8 East Asian Currency Crisis, Financial Linkages and the Monetary Policy of Japan" by Kenneth S. CHAN

Wednesday, 19 November 2003

Other Events

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21Jan
Faculty Level | Event
Insights for Young Leaders in a New Global Era
21 Jan 2021 | 20:00 – 21:00
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8Jan
Accounting and Law | Seminar
“Multidimensional Information and Rational Inattention” by Ms. Keri P. Hu
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online seminar
Ms. Peicong (Keri) Hu
“Debt Governance, Bank Capture, and Soft Budget Constraints: An Empirical Analysis of an Emerging Market” by Lihui TIAN
Wednesday, 12 November 2003
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