學術研討會

马来西亚柔佛dt:Political Connections and Resource Allocation in Private Markets: A Social Network Channel

時間:2019-05-31

柔佛dt球员 www.sanxqu.com.cn Finance Seminar2019-18)


Topic: Political Connections and Resource Allocation in Private Markets: A Social Network Channel

Speaker: David Schoenherr, Princeton University

Time: Wednesday, 5 June, 10:00-11:30

Location: Room 217, Guanghua Building 2


Abstract:

In this paper, we assess how politically connected firms benefit from better access to resources in private markets. After the election of a new president in Korea in 2007, we observe that private banks appoint executives from the his alumni network following the appointment of members of his alumni network into important positions in the administration. This leads to an increase in social connections to the banking sector for private firms with a CEO from the new president’s alumni network. These firms obtain more credit at a lower rate from private banks that appoint an executive from the same alumni network after the election. Additionally, banks protect connected firms from default through renegotiating existing loans and extending new credit that is used for refinancing existing debt rather than profitable investment. Despite the lower rates and banks’ higher willingness to renegotiate firms’ debt, loans from banks to firms connected through the president’s alumni network are more likely to default after the election. Overall, our findings suggest that the election of a president from their network increases the influence of the alumni network over resource allocation in private markets, which leads to more resources being (mis-)allocated to firms run by fellow alumni.


Introduction

David Schoenherr joined the Economics Department at Princeton University as Assistant Professor in September 2016. Schoenherr's research interests include financial contracting, political economy, and the interaction between law and finance. He is particularly interested in how the design of bankruptcy law affects security prices and investors' ex ante incentives, for example with respect to credit allocation decisions, or firms' financing and investment decisions. His work examines the role of scoial and political connections on economic outcomes in differnt contexts, as well as how informal labor markets affect the incentives of workers in response to changes in unemployment insurance benefits. His research has been published in the Journal of Finance, the Journal of Political Economy, and the Review of Financial Studies. He holds a Ph.D. in finance from the London Business School.

https://sites.google.com/site/davidschoenherr/


Your participation is warmly welcomed!

分享

?2017 北京大學光華管理學院 版權所有    京ICP備05065075-1

手机麻将作弊外挂 宏发彩票安卓 母婴用品跟童装哪个赚钱 2012年什么生意最赚钱 魔兽世界猎人 聚聚头条赚钱是真的吗 最厉害的商人就是不用本钱去赚钱 捕鱼游戏手机版 汽车美容店赚钱经营指导 买二手宝马赚钱 七星娱乐游戏 钓鱼发烧友34怎么赚钱 做淘宝分销赚钱吗 乐透吉林麻将手机版 捕鱼游戏破解版下载 如何用bilibili赚钱