{"id":2102,"date":"2016-06-20T09:00:03","date_gmt":"2016-06-20T00:00:03","guid":{"rendered":"http:\/\/www.waseda.jp\/inst\/wias\/?p=2102"},"modified":"2016-11-18T10:55:48","modified_gmt":"2016-11-18T01:55:48","slug":"%e9%ab%98%e7%ad%89%e7%a0%94%e7%a9%b6%e6%89%80%e3%82%bb%e3%83%9f%e3%83%8a%e3%83%bc%e3%82%b7%e3%83%aa%e3%83%bc%e3%82%ba%e3%80%90%e6%94%bf%e6%b2%bb%e3%83%bb%e7%b5%8c%e6%b8%88%e3%83%bb%e6%b3%95-34","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/inst\/wias\/news\/2016\/06\/20\/2102\/","title":{"rendered":"\u9ad8\u7b49\u7814\u7a76\u6240\u30bb\u30df\u30ca\u30fc\u30b7\u30ea\u30fc\u30ba \u3010\u653f\u6cbb\u30fb\u7d4c\u6e08\u30fb\u6cd5\u306e\u8a08\u91cf\u5206\u6790\u3011 Waseda Organizational and Financial Economics Seminar “Political Connections and Financial Stability” (6\/20)"},"content":{"rendered":"

\u9ad8\u7b49\u7814\u7a76\u6240\u30bb\u30df\u30ca\u30fc\u30b7\u30ea\u30fc\u30ba \u3010\u653f\u6cbb\u30fb\u7d4c\u6e08\u30fb\u6cd5\u306e\u8a08\u91cf\u5206\u6790\u3011 Waseda Organizational and Financial Economics Seminar “Political Connections and Financial Stability” (6\/20)<\/h3>\n\n\n\n\n\n\n\n\n\n\n
\u8b1b\u6f14\u8005<\/th>\n\u6dfa\u4e95\u3000\u9855\u592a\u90ce \u6c0f
\n(Ph.D. student, Department of Economics, University of Chicago, U.S.A.)<\/em>
\n\u8b1b\u6f14\u8005\u30d7\u30ed\u30d5\u30a3\u30fc\u30eb\uff1a<\/u>University of Chicago\u306b\u3066B.A.\u3001M.A.\u304a\u3088\u3073Ph.D. degree\u3092\u4fee\u4e86\u3002 \u307e\u305f\u3001Ph.D. degree\u524d\u306bGoldman Sachs\u306b\u3066\u30b9\u30c8\u30e9\u30c6\u30b8\u30b9\u30c8\u3068\u3057\u3066\u52e4\u52d9\u3002 2016\u5e747\u6708\u3088\u308aAustralian National University\u306b\u52e4\u52d9\u4e88\u5b9a\u3002
\n\u7814\u7a76\u5206\u91ce\u30fb\u4e3b\u306a\u95a2\u5fc3\u9818\u57df\uff1a<\/u>
\nmicroeconomics, corporate finance, banking, behavioral finance, political economy<\/td>\n<\/tr>\n
\u65e5\u6642<\/th>\n2016\u5e746\u670820\u65e5\uff08\u6708\uff09\u300013:00\uff5e14:30 \/ Monday, June 20, 2016, 13:00-14:30<\/td>\n<\/tr>\n
\u4f1a\u5834<\/th>\n\u65e9\u7a32\u7530\u5927\u5b66\u3000\u65e9\u7a32\u7530\u30ad\u30e3\u30f3\u30d1\u30b911\u53f7\u992811\u968e\u30001111\u53f7\u5ba4 \"PDF\u30d5\u30a1\u30a4\u30eb\u3092\u958b\u304d\u307e\u3059\"<\/a><\/td>\n<\/tr>\n
\u4e3b\u65e8<\/th>\nPolitical 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.<\/td>\n<\/tr>\n
\u30d7\u30ed\u30b0\u30e9\u30e0<\/th>\n13\uff1a00\u00a0 \u958b\u4f1a\u306e\u6328\u62f6\uff08\u87fb\u5ddd\u9756\u6d69\u3000\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662\u3000\u51c6\u6559\u6388\uff09<\/p>\n

13\uff1a05\u00a0 \u8b1b\u6f14<\/p>\n

14\uff1a05\u00a0 \u8cea\u7591\u5fdc\u7b54<\/p>\n

14\uff1a25\u00a0 \u9589\u4f1a\u306e\u6328\u62f6\uff08\u87fb\u5ddd\u9756\u6d69\uff09<\/td>\n<\/tr>\n

\u5bfe\u8c61<\/th>\n\u5b66\u90e8\u751f\u30fb\u5927\u5b66\u9662\u751f\u30fb\u7814\u7a76\u8005\u30fb\u6559\u8077\u54e1\u3000\u7b49<\/td>\n<\/tr>\n
\u4e3b\u50ac<\/th>\n\u65e9\u7a32\u7530\u5927\u5b66\u7523\u696d\u7d4c\u55b6\u7814\u7a76\u6240
\n\u65e9\u7a32\u7530\u5927\u5b66\u9ad8\u7b49\u7814\u7a76\u6240<\/td>\n<\/tr>\n
\u7533\u8fbc\u307f<\/th>\n\u4e8b\u524d\u7533\u3057\u8fbc\u307f\u4e0d\u8981\u3067\u3059\u3002\u76f4\u63a5\u4f1a\u5834\u306b\u304a\u8d8a\u3057\u304f\u3060\u3055\u3044\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

\u9ad8\u7b49\u7814\u7a76\u6240\u30bb\u30df\u30ca\u30fc\u30b7\u30ea\u30fc\u30ba \u3010\u653f\u6cbb\u30fb\u7d4c\u6e08\u30fb\u6cd5\u306e\u8a08\u91cf\u5206\u6790\u3011 Waseda Organizational and Financial Economics Seminar “Political Connection […]<\/p>\n","protected":false},"author":6,"featured_media":2762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24,26,28],"class_list":["post-2102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-events","tag-general","tag-research"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/2102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/comments?post=2102"}],"version-history":[{"count":1,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/2102\/revisions"}],"predecessor-version":[{"id":2318,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/2102\/revisions\/2318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media\/2762"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media?parent=2102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/categories?post=2102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/tags?post=2102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}