|
Ngày / Thời gian |
Nội dung |
Chủ đề |
Người trình bày |
Địa điểm |
|
Thứ 4 Ngày 22/07/2015 10h00 – 12h00
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Bài nghiên cứu |
Investment Flexibility and Loan Price |
TS Đỗ Minh Việt, TS Vũ Thị Bảo Trâm đại học Monash, Australia |
Phòng B201, 279 Nguyễn Tri Phương, Quận 10, TP.HCM |
|
Ngày / Thời gian |
Nội dung |
Chủ đề |
Người trình bày |
Địa điểm |
|
Thứ 4 Ngày 22/07/2015 10h00 – 12h00
|
Bài nghiên cứu |
Investment Flexibility and Loan Price |
TS Đỗ Minh Việt, TS Vũ Thị Bảo Trâm đại học Monash, Australia |
Phòng B201, 279 Nguyễn Tri Phương, Quận 10, TP.HCM |
1. BÀI BÁO
Tên bài báo: Investment Flexibility and Loan Price
Tác giả: TS Cao Việt Nga1, TS Đỗ Minh Việt2, TS Vũ Thị Bảo Trâm3
Đại học Monash, Australia
Người trình bày: TS Đỗ Minh Việt, & TS Vũ Thị Bảo Trâm
Abstract
We investigate if borrowers’ investment flexibility can influence loan contract terms. We test this relationship in the bank loan setting and find that borrower with higher investment flexibility are subjected to higher loan spreads. This effect appears to concentrate among borrowers with potentially heightened agency costs. These borrowers can mitigate the increase loan spread by pledging collateral or accepting stricter loan covenants. We demonstrate that while investment flexibility increase loan spread for opaque borrowers, there are a number of key covenants that they can use to fully mitigate the agency costs of investment flexibility in loan price.
(Tóm tắt) Bài viết nghiên cứu ảnh hưởng của sự linh hoạt trong đầu tư (investment flexibility) của người đi vay đến các điều khoản trong hợp đồng vay. Chúng tôi kiểm định mối liên hệ này trong quá trình thiết lập hợp đồng vay và tìm ra rằng bên đi vay với khả năng đầu tư linh hoạt cao hơn thường chấp nhận mức chênh lệch lãi suất lớn hơn (higher loan spreads). Hiệu ứng này tập trung vào khách hàng vay với chi phí đại diện có khả năng tăng cao. Những khách hàng này có thể giảm thiểu khoản tăng lên trong chênh lệch lãi suất bằng cách sử dụng tài sản thế chấp hoặc chấp nhận các điều khoản khắt khe hơn. Kết quả cho thấy rằng trong khi sự linh hoạt trong đầu tư làm gia tăng mức chênh lệch lãi suất đối với khách hàng vay ít minh bạch hơn, có một số điều khoản quan trọng trong hợp đồng vay có thể sử dung để loại bỏ hoàn toàn chi phí đại diện của sự linh hoạt này trong giá của khoản vay.
Ngôn ngữ trình bày: Tiếng Việt (slides bằng tiếng Anh)
1Viet Cao joined Monash as a lecturer in Finance in June 2011 from University of Edinburgh (U.K.).
Prior to joining Monash, Viet was working at University of Edinburgh while finishing her PhD thesis on firms’ investment and financing flexibility and the stock market anomalies as a Durham University Doctoral Fellow at Durham Business School, U.K. Prior to that, she finished her Master of Science in Finance and Investment also from Durham Business School. She was awarded Top Third Year Student during her undergraduate studies at Monash. Her studies were funded by Durham University Doctoral Fellowship (PhD), UK FCO Chevening Scholarship (MSc), and Australian Government’s AusAID scholarship (BBus). Viet presented her research at several international finance conferences. Her previous professional experience includes four years in Vietnam’s financial sector as an auditor, consultant, and financial analyst with KPMG and Vietcombank Fund Management. Viet passed level 2 CFA examination and is a member of CFA Institute and CFA Society Melbourne.
2Viet Do is a senior lecturer in the Department of Banking and Finance.
Viet completed his PhD and joined Monash in 2008. Prior to that, he completed a Bachelor of Business with Honours from Monash University. His PhD research areas are alternative investment funds, hedge funds and asset pricing. His research interest has also expanded to include various aspects of bank lending including syndicated loans. He co-supervised a number of Honour students and a PhD student on this topic. He is the recipient of a number of research grants including Faculty Research Grant and AFAANZ research grant. He has published in numerous internationally refereed journals including Journal of Multinational Financial Management, Applied Financial Economics, Journal of International Finance and Economics, Journal of International Financial Markets, Institutions & Money and Accounting and Finance.
3Tram Vu is a lecturer in the Department of Banking and Finance.
Tram joined the Department as a lecturer in Finance in March 2008 and obtained her PhD in October 2008. Prior to that, she achieved a Bachelor of Finance from the University of Adelaide and an Honours degree in Business (First class) from Monash University. Tram has won several scholarships and awards during her studies: Monash Graduate Scholarship, Monash International Postgraduate Research Scholarship, University of Adelaide’s Best Graduate in the Bachelor of Finance, Adelaide Achievers Scholarship International
Research & Supervision Interests: Debt contracting, asymmetric information, loan syndications, deposit insurance, bank risk management
