CEMA研讨会2018年秋季第十五讲将于12月27日（周四）中午12:10-1:30在712会议室举行，由清华大学五道口金融学院李波助理教授报告论文“China's Anti-Corruption Campaign and Credit Reallocation from SOEs to Non-SOEs”，欢迎感兴趣的师生参加。

【Titile】: China's Anti-Corruption Campaign and Credit Reallocation from SOEs to Non-SOEs

【Abstract】: We provide a novel empirical finding that the recent anti-corruption investigations in China are associated with credit reallocation from less productive, state-owned enterprises (SOEs) to more productive, non-SOEs. The empirical strategy exploits staggered investigations as exogenous shocks to bank loan issuance among rival firms in affected industry. The main finding extends to implicated firms and non-affected industries, proves strong for extensive margins and a supply shock, and remains solid for stock market reactions. We further single out the economic efficiency channel, and to a lesser extent, the political connection channel, through which the anti-corruption campaign leads to improved credit reallocation.

【报告人简介】: 李波，清华大学五道口金融学院助理教授。2013年毕业于加拿大女王大学经济系，获经济学博士学位；研究领域为公司金融、政治经济学和企业破产等，并在Journal of Finance, Law, and Accounting等期刊上发表论文。

                                       中国经济与管理研究院
                                          2018年12月19日