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UID:b5eca773443269a7ba2f681d008567c1
CATEGORIES:Seminars
CREATED:20150105T162547
SUMMARY:Lunch Seminar: Nicolas Andre Benigno Serrano-Velarde - Bocconi University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Risk Management and Rating Segmenta
 tion in Credit Markets</strong></p><p style="text-align: justify;">Abstract
 :</p><p style="text-align: justify;">We study how lending to small and medi
 um sized firms segmented into different rating classes is affected by banks
 ’ risk management policies between 2004 and 2011. We exploit a regression d
 iscontinuity design that compares credit conditions, investment and sales b
 etween firms that, based on a continuous assignment variable, fall into dif
 ferent risk classes. These firms feature similar observable characteristics
 , in terms of location and sector of activity. Yet, we show that the spread
 s applied to comparable firms in different rating classes vary over time. T
 his in turn caused those firms that obtained worse credit conditions during
  the recent financial crisis to cut their expenditure in production inputs 
 (investment, employment and intermediates) and thus reduce sales.</p>
DTSTAMP:20260406T065118Z
DTSTART:20140417T130000Z
DTEND:20140417T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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