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UID:b5eca773443269a7ba2f681d008567c1
CATEGORIES:Seminars
CREATED:20150105T162547
SUMMARY:Lunch Seminar: Nicolas Andre Benigno Serrano-Velarde - Bocconi University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Risk Management and Rating Segmentation in Credit Markets\nAbstract:\nWe st
 udy how lending to small and medium sized firms segmented into different ra
 ting classes is affected by banks’ risk management policies between 2004 an
 d 2011. We exploit a regression discontinuity design that compares credit c
 onditions, investment and sales between firms that, based on a continuous a
 ssignment variable, fall into different risk classes. These firms feature s
 imilar observable characteristics, in terms of location and sector of activ
 ity. Yet, we show that the spreads applied to comparable firms in different
  rating classes vary over time. This in turn caused those firms that obtain
 ed worse credit conditions during the recent financial crisis to cut their 
 expenditure in production inputs (investment, employment and intermediates)
  and thus reduce sales.\n
DTSTAMP:20260406T121014Z
DTSTART:20140417T130000Z
DTEND:20140417T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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