“廈門大學會計學科教師與研究生系列Seminar”之四十

為了活躍廈門大學會計學科的學術研究氛圍，激發既有教師與在校研究生的學術研究熱情和積極性，促進教師之間、教師與研究生之間、研究生彼此之間的深入交流、思想碰撞與知識分享，我們組織了由廈門大學會計學科的常任教師、博(碩)士研究生、國際訪問學者等作為報告人的系列Seminar。該Seminar將冠以“廈門大學會計學科教師與研究生系列Seminar”的總標題，從2017年3月14日起，每周周二下午15:00-17:30舉行。該Seminar與已有的“財務、會計Seminar”(主要聘請校外與境外的學者擔任報告人)?相互補充，以期能夠更好地推動廈門大學會計學科的學術發展。

題 目：Litigation Risk and Debt Contracting: Evidence from a Natural Experiment

報告人：沈江華 助理教授

主持人：張國清 教授

時 ?間：2018年11月13日（星期二），15:00-17:30

地 ?點：嘉庚二203室

論文摘要：In June 2001, Nevada changed its state corporate law by substantially reducing the legal liability of directors and officers for breaching fiduciary duties owed to the corporation. We examine the impact of the reduced litigation risk caused by this legislative change on Nevada firms’loan contract terms and related borrower-lender agency conflicts. Using a difference-in-differences analysis, we find that this legislative change leads to less favorable loan contract terms for Nevada firms: higher spread and more restrictive covenants. In addition, after the legislative change, Nevada firms with severe borrower-lender agency conflicts take more risk, increase payout through stock repurchase, and reduce capital investment and equity issuance. Collectively, these results suggest that the reduced litigation risk exacerbates the borrower-lender agency conflicts.?