报告人：Philip H. Dybvig
时 间：2022年6月17日上午10:00
方 式：腾讯会议线上研讨会
会议号：419 367 914
会议密码：261399
【报告人简介】
Philip H．Dybvig，现为美国华盛顿大学圣路易斯分校奥林商学院金融学教授。于1979年获耶鲁大学经济学博士学位，曾任教于普林斯顿大学，并在耶鲁大学获终身教授职务。Dybvig教授在银行理论、公司金融和资产定价等诸多领域均取得卓越成就，在Journal of Political Economy, Review of Economic Studies, Review of Financial Studies等学术期刊上发表了系列高质量论文，其中，尤具影响力的是其1983年发表于JPE的Bank Runs,Deposit Insurance,and Liquidity一文及该文所构建的Diamond-Dybvig（DD）模型。
Dybvig教授曾担任Review of Financial Studies，Journal of Finance，Journal of Financial Intermediation等期刊的主编和副主编职务，并于2010-2021年间受聘西南财经大学金融研究院院长。任职期间，相继获教育部长江学者讲座教授、中国政府 “友谊奖”和成都市政府“友谊奖”等荣誉称号。
【内容摘要】
Myers (1977) described how firms can gamble using asset substitution, which is switching to a less efficient and more volatile project. Gambling using derivatives is a sharper instrument, allowing the firm to gamble just to what is needed, and with negligible efficiency loss. We study gambling using derivatives, made more available by recent changes in the bankruptcy law granting repos and other derivatives “superpriority,” which is exemption from the automatic stay and clawback in bankruptcy. In our model, “gambling for redemption” operates at small scale and is socially beneficial, while “gambling for ripoff” operates at large scale and is socially inefficient but benefits stockholders at the expense of bondholders. Superpriority laws reduce firm value by making it harder for firms to borrow due to anticipation of gambling for ripoff.
【主持人简介】
方红艳，上海对外经贸大学金融管理学院副教授，博士生导师，金融学博士。2021年荣获“四川省金融学会十九次金融科研优秀成果一等奖”。
