讲座题目：

What happens to listed firms when they take a shadow loan?

讲座时间：

2024年3月15日（星期五）

10：00-12：00

讲座方式：

线下

博学925

主讲人：

Sushanta Mallick

伦敦玛丽女王大学商业管理学院教授

Sushanta Mallick is a Professor of International Finance at the School of Business and Management, Queen Mary University of London, UK. Also, since January 2015, he has been the Co-editor-in-Chief of ‘Economic Modelling’ – a leading 40-year-old scholarly journal. He also acts as a co-editor of ‘Economic Analysis and Policy’ (a 54-year-old journal of ‘the Economic Society of Australia’). He holds a PhD in economics from the University of Warwick, UK. He has published over 100 peer-reviewed articles in leading journals, focused on issues in the areas of international economics, banking & finance, and innovation & development. As per IDEAS/RePEc ranking, he is among the top 5% economists. His work has been published in journals such as: British Journal of Management, Research Policy, Economic Theory, European Journal of Operational Research, Journal of Corporate Finance, Journal of Economic Behavior & Organization, Industrial Relations, British Journal of Industrial Relations, Journal of Banking & Finance, Oxford Bulletin of Economics & Statistics, IMF Economic Review, Cambridge Journal of Economics, Journal of International Money and Finance, World Development, and many others.

讲座摘要：

This paper uses a loan transactions dataset from China to identify whether shadow loans cost more than formal bank loans with collateral. This motivates us to explore the reasons as to why a listed firm would opt for such loans. Using propensity-score matched data, we find that privately-owned firms with shadow loans are forced to obtain these loans since they are getting crowded out of the formal loan market following a regulation change in 2009 that favoured state-owned firms who tend to under-perform. Thus, we employ a Difference-in-Differences (DID) methodology to uncover that privately-owned listed firms experience a decline in their performance, namely lower firm investment and higher default probability following their high dependence on shadow loans. Nonetheless, technology-intensive and highly productive privately-owned listed firms are not affected adversely after acquiring such shadow loans. The above results survive various robustness checks, including doubly-robust inverse-probability weighted DID regressions and 2SLS instrumental variable regressions.

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