一、报告题目
　　Collateral Damage? On Collateral, Corporate Financing and Performance
　　二、报告人
　　Steven Ongena, Professor in the Department of Banking and Finance, University of Zurich and the Swiss Finance Institute.
　　三、报告时间
　　2016年4月21日（周四）下午3:30-5:00
　　四、报告地点
　　中心校区知新楼B423聚贤报告厅
　　五、报告摘要
　　We examine a legal reform in Sweden that exogenously reduces collateral value. Using a panel dataset that covers all incorporated firms in Sweden, we find that the loss incollateral value reduces both the amount and the maturity of firm debt and leads firms to contract investment, employment, and assets. The legal reform may distort investment and asset allocation decisions, as firms that reduce their holdings of assets with low collaterizable value and firms that hold more liquid assets consequently become less productive and innovative. Our results therefore document the potency of a collateral channel during normal times.
　　六、主办单位
　　山东大学经济学院