讲座：Two Tales of Debt
题 目：Two Tales of Debt
嘉 宾：Yueran Ma, Assistant Professor, Booth School of Business, University of Chicago
主持人：许文健 助理教授 上海交通大学安泰经济与管理学院
We analyze the heterogeneous nature of firms’ debt contracts, some of which focus on liquidation values of discrete assets whereas others focus on going-concern values of the business. Using hand-collected data, we show that firms on average have limited liquidation values. Companies with lower liquidation values have more debt backed by going-concern values and more intensive performance monitoring. They pay higher interest rates only for debt against discrete assets. We present a model that matches our findings, explains the use of debt against different aspects of the firm, and demonstrates how creditor monitoring and covenants facilitate borrowing beyond liquidation values.
Yueran Ma is an assistant professor of finance at the University of Chicago Booth School of Business. Her main research interest is empirical studies at the intersection of finance and macroeconomics. Her work covers topics including low interest rates and financial markets, debt contracts and macroeconomic implications, non-financial firms and financial frictions, and expectations in finance and macroeconomics. She has also worked on questions in real estate and urban economics. She received B.A. summa cum laude and Phi Beta Kappa in Applied Mathematics, and Ph.D. in Business Economics, from Harvard University. Her research has been published in top economics and finance journals including Quarterly Journal of Economics, American Economic Review, Journal of Finance, Review of Financial Studies, etc.