一、主题：How Do Creditor Rights Affect Investments: the Role of Credit Ratings

二、主讲人：顾弦，澳门威斯人游戏网站官网讲师，北京师范大学经济学博士，美国宾夕法尼亚大学沃顿商学院金融系博士后研究员。主要研究领域包括银行、监管、公司金融。曾任伦敦帝国理工商学院金融系研究员、中信证券研究部宏观分析师等。曾在Journal of Banking and Finance、Oxford Handbook of Banking等期刊与论文集中发表论文，出版著作《动荡未定——新巴塞尔协议与操作风险管理理论》。

三、时间：2015年11月26日（周四），12:30-13:30

四、地点：学术会堂606会议室

五、主持人：苟琴，澳门威斯人游戏网站官网讲师

摘要：In this paper, we examine how creditor protection affects firms' financing and investment decisions through credit ratings in the public debt market. Using firm-level data in 63 developed and developing countries from 1989 through 2013, we find that in countries with stronger creditor rights, firms tend to have higher rating than those in countries with weaker protection. Moreover firms with higher ratings in countries with stronger creditor protections tend to have higher level of bond issuance relative to equity issuance and further have more investments. Additionally, improvements in creditor protection and rating promote capital expenditure more significantly for firms with severe agency conflicts and hence benefit particularly the public debtholders of those firms.