WIAS Research Project Seminar Series:
Waseda Organizational and Financial Economics Seminar
“Political Connections and Financial Stability” (6/20)
| 講演者 Speaker |
Kentaro Asai (Ph.D. student, Department of Economics, University of Chicago, U.S.A.) Profile：University of ChicagoにてB.A.、M.A.およびPh.D. degreeを修了。 また、Ph.D. degree前にGoldman Sachsにてストラテジストとして勤務。 2016年7月よりAustralian National Universityに勤務予定。 Field of research, region of interest： microeconomics, corporate finance, banking, behavioral finance, political economy |
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| 日 時 Date & Time |
Monday, June 20, 2016, 13:00-14:30 |
| 会 場 Venue |
Rm. 1111 on the 11th floor, Building #11, Waseda University  |
| 主 旨 Outline |
Political connections distort ex-ante bank risk-taking incentives, but reduce bank stakeholders’ beliefs about default as an equilibrium-selection device under the presence of government bailouts. Using a data set of U.S. banks, I verify the role of lobbying as a financial safety net and quantify the relative magnitude of the two channels. Using event-study approach, I reveal lobbying banks experienced greater reductions in credit default swap spreads than non-lobbying peers after bailout announcements in 2008. Using structural analysis, I find the equilibrium-selection channel has been dominant since 2008. These results suggest political connections reduce banks’ risks ex post. |
| プログラム Schedule |
13：00 Opening Remarks （Yasuhiro Arikawa (Waseda University)） 13：05 Presentation 14：05 Question-and-answer session 14：25 Concluding Remarks（Yasuhiro Arikawa (Waseda University)） |
| 対 象 Prospected Audience |
Faculty and staff members of a university, grad students, the general publics |
| 主 催 Organizer |
Research Institute of Business Administration,Waseda University Waseda Institute for Advanced Study,Waseda University |
| 申込み Registration |
Advance reservations not required. |
