Title：Risk-taking with Financing Constraints

　　Schedule: June 29, Wed 1:30-3 PM

　　Location: 腾讯会议 112 544 357

　　Abstract：We study the impact of liquidity constraints on firms’ risk-taking that depends on leveraged returns and leveraged volatility. We show that relaxing financing constraints may or may not encourage risk-taking. Following an interest-rate cut, fewer firms are willing to take risks if their leverage is low; more firms prefer to take risks if their leverage is high. The leverage effect on risk-taking highlights that liquidity policies can generate a non-linear effect on risktaking and on social welfare. Therefore, in the aggregate, we can observe a non-monotone relationship between the interest rate and firm-return volatility. A cut in interest rate may not encourage firms to implement risky but socially desirable projects.

　　Introduction：张仁斌助理教授，任职于山东大学经济学院。张老师毕业于巴塞罗那自治大学，获经济学博士。张老师的研究专注于宏观经济和金融的互动，已有文章发表于Journal of Monetary Economics、Journal of Economic Behavior and Organization  等国际一流期刊。