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【学术通知】北京大学经济学院博士研究生柯俊强:How Banks Understand R&D Investments: The Case of Standards Setting Organizations

  • 发布日期:2022-11-16
  • 点击数:

  

喻园管理论坛2022年第43期(总第812期)

演讲主题: How Banks Understand R&D Investments: The Case of Standards Setting Organizations

主 讲 人: 柯俊强,北京大学经济学院博士研究生

主 持 人: 钱宁宇,亚搏手机登录主页财政金融管理系副教授

活动时间2022年11月24日(周四)15:00-16:30

活动地点线上:腾讯会议ID:934-464-998

               线下:管理大楼116教室

主讲人简介:

柯俊强,北京大学博士研究生(2018年至今)。研究方向为债务契约、企业违规以及政府规制。研究成果目前在Journal of Accounting and EconomicsThe Accounting ReviewJournal of Business Finance and Accounting等期刊处于审稿(返修)阶段。参与国家发改委就业和收入分配司/地区经济司、国家自然科学基金面上项目、济南市新旧动能转换战略路径研究等课题。2018年毕业于亚搏手机登录主页亚搏手机登录主页,获经济学学士。曾赴慕尼黑工业大学、斯坦福大学亚太研究中心交流访问。在校期间曾获国家奖学金、校三好生、优秀科研奖等荣誉。

活动简介:

This paper examines a specific channel, Standards Setting Organizations (SSOs), through which banks can extract proprietary soft information to understand a borrower’s R&D investments and price-in that information in loan contract terms. Using a sample of bank loans issued to U.S. listed firms from 1996 to 2017, we find that firms newly joining an SSO can obtain more favorable loan terms from a bank that has previously lent to other firms in the same SSO than from other banks. This relationship is stronger when the borrower’s R&D is hard to interpret or earnings are hard to forecast. We also find that firms are more likely to borrow from these SSO-connected banks. Overall, our study demonstrates how proprietary R&D information that spills over through SSO connections helps mitigate information asymmetries in the lending process.

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