財金系擬於 5/23(五) 邀請 Prof. 黃泓人，至本所進行專題演講，相關訊息如下：

時間: 5/23(五) 10:30-12:00

地點: 管理學院一號館4F 405室

演講人: Prof. 黃泓人

講題: Counterparty Risk and Capital Structure

Abstract:

The 2007-2009 ?financial crisis and recession highlighted the role of counterparty risk in

financial contracts, many once thought immune to such problems. However, counterparty

risk can be signi?ficant in a wide variety of contracting situations and can impact capital

structure decisions. Within this context, we present a new model that endogenizes the

capital structure of both parties to a contract. We follow Grenadier (1996) and Leland

and Toft (1996) to examine the interaction between ?rm capital structures and equilibrium

contract pricing. Moreover, our model demonstrates that consideration of credit risk is

instrumental to con?rm the complementarity between lease and debt as suggested by Lewis

and Schallheim (1992).