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金融研究院 Yong-Kyu Gam副教授:Bank Relationship, Covenant Enforcement and Creditor Control

([西财新闻] 发布于 :2018-06-11 )

光华讲坛——教授论坛第22

 

Bank Relationship, Covenant Enforcement and Creditor Control

主讲人金融研究院 Yong-Kyu Gam副教授

主持人金融研究院院长 Philip Dybvig教授

2018613日(星期三)上午10:30-12:00

西南财经大学柳林校区金融研究院202会议室

主办单位:金融研究院 科研处

 

主讲人简介:

Yong-Kyu Gam教授目前任职于西南财经大学金融研究院副教授,他的主要研究领域是银行,金融中介,金融稳定,金融监管,实证公司金融。他分别在德克萨斯大学奥科斯分校和圣路易斯华盛顿大学攻读了硕士和博士学位。

内容提要:

This paper investigates the effect of close bank relationship on the lender’s propensity of covenant violation enforcement under the situation of the borrowers’ breach of financial covenants. We find that as lenders have close relationship with borrowers, the lenders are less likely to enforce material covenant violations against the borrowers that breach financial covenants. The borrowers with such close relationship with lenders are less likely to face deterioration of subsequent financing and investment activities even when the borrowers fail to fulfil the covenant requirements. Further evidence shows that private information collected through relationship lending enables banks to minimize the cost of inefficient covenant violation enforcement.


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