讲座题目：Dual-Class Share Structure and Dynamics of Borrowing Costs
讲座摘要：This paper investigates how the borrowing costs of dual-class and single-class firms change over the life cycle. The empirical results support both the reputation theory of Diamond (1989) that the bank loan spread shows a downward trend with the increase of firm age and the hold-up theory with a hump-shaped relation between the firm age and the loan spread. The hold-up effect predominates in dual-class firms, but not in single-class firms. We further identify that the dynamic difference of borrowing costs between dual-class and single-class firms is due to the lending relationship and the degree of information asymmetry.
赵洋，南开大学金融学院助理教授，财务金融博士，主要研究领域：保险与风险管理，金融机构，金融市场。围绕研究领域在Journal of Banking and Finance、European Financial Management、 British Accounting Review、Pacific-Basin Finance Journal、9th NCTU International Finance Conference、2016 International Conference of Taiwan Finance Association等重要期刊与学术会议发表多篇论文， 任Pacific-Basin Finance Journal、Review of Quantitative Finance and Accounting、Emerging Markets Finance and Trade、North American Journal of Economics and Finance、Review of Pacific Basin Financial Markets and Policies 学术期刊审稿人。