News
25.05.2017
24th Annual MFS Conference - The final version of the program with the sessions, paper presentations and booklet is now available online
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05.05.2017
24th Annual MFS Conference - A preliminary version of the conference program is now available online
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28.04.2017
New Forthcoming Article at Multinational Finance Journal
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Plenary Talks

KEYNOTE SPEAKERS



Steven Ongena - University of Zurich & Swiss Finance Institute, Switzerland

Date: Monday, June 26, 2017
Time: 7:30 - 8:30 p.m.
Venue: National Bank of Romania

Talk Title:

“Domestic Policies and International Spillovers Through Global Banks”

Abstract:

In today’s globally interconnected financial system, the effects of domestic policy actions reach far beyond national borders. Monetary policy, for example, can affect local and international financial markets in numerous ways: Via interest rates, asset prices, and the availability of credit. These monetary effects can then feed into the real side of the economy. Recent attention has turned to the impact of various domestic policies on the supply of credit to borrowers located abroad. The rise of global banks, i.e., banks which lend to borrowers cross-border or maintain foreign affiliates in many other countries, over the past two decades has added a sense of urgency to the study of many potential “global” bank lending channels.

Short Bio:

Steven Ongena is a professor in banking at the University of Zurich and the Swiss Finance Institute in Switzerland. He is also a research fellow of CEPR and a research professor at KU Leuven. He has published more than 55 papers in refereed academic journals, including in the American Economic Review, Econometrica, Journal of Finance, Journal of Financial Economics, Journal of International Economics, Journal of Political Economy, Management Science and Review of Finance, among other journals, and he has published more than 50 papers in books and other collections. In 2012 he received a NYU-Fordham-RPI Rising Star in Finance Award.
 

 





Jeffrey Lawrence Callen - University of Toronto, Canada

Date: Tuesday, June 27, 2017
Time: 7:30 - 8:30 p.m.
Venue: Intercontinental Hotel Bucharest (Ronda Ballroom)

Talk Title:

“Growth Opportunities, Leverage and Covenants: Evidence from Exogenous Shocks to Public Spending”

Abstract:

We examine how exogenous negative shocks to firms’ growth opportunities influence debt structure and financial contracting policies. We exploit staggered macroeconomic shocks to firm-level growth opportunities that arise out of exogenous increases in state-level government spending caused by the ascension of state politicians to the chairmanship or to the ranking minority leadership of powerful Senate/House committees. In contrast to prior studies, we fail to find a statistically significant relation between growth opportunities and firm leverage. We also do not find support for the conjecture that bondholder-shareholder conflicts are mitigated by shorter-term debt, convertible debt or public debt covenants. Instead, we find that negative shocks to growth opportunities lead to a predictable time-dependent reduction in debt covenants and debt covenant restrictiveness for private debt. The evidence is consistent with the notion that bondholder-shareholder conflicts are managed through financial contracting policies.

Short Bio:


Jeffrey L. Callen is the Rotman Chair of Accounting. His research interests include corporate valuation, accounting information and capital markets, efficiency measurement and the non-profit firm. He is the former Editor-in-Chief of the Journal of Accounting, Auditing and Finance. Currently he is an Editor of Contemporary Accounting Research, a Co-Editor of the International Journal of Accounting, and an Associate Editor of the Multinational Finance Journal. He serves on the editorial boards of the Accounting Review, China Journal of Accounting Research, International Journal of Disclosure and Governance and the ARN and FEN networks.

 

 

 


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