讲座题目：Deleveraging, Market Liquidity, and Funding Liquidity Crisis: Evidence from a Natural Experiment
主讲嘉宾：Gary Tian (Bio)（澳大利亚麦考瑞大学应用金融系教授）
主 持 人：陈玉罡教授
How does deleveraging affect financial institutions’ funding market liquidity and funding constraints? We use the forced deleveraging of structured mutual funds during the 2015 Chinese stock market crash as a natural experiment to study the causal impact of deleveraging on market liquidity, funding constraints and performance. Our regression-discontinuity-design analysis cleanly rules out the influence of confounding factors (e.g., the market crash) and shows that deleveraging has a large and negative impact on fund equity unit market liquidity. Similarly, our difference-in-differences analysis shows that deleveraging results in large decreases in fund flows, stock and cash holdings, and fund performance in subsequent quarters, with the impact being channelled through the deterioration of fund equity market liquidity.
Gary Tian is Professor of Finance in the Department of Applied Finance, Macquarie University. He was a former Professor and Directors of HDR and Research in the Department of Finance and founding Director of the Centre of Business Research in China at Deakin Business School. He was also former Professor of Finance and Director of Chinese Commerce Research Centre at Wollongong University.
His research interests focus on corporate finance and governance in Chinese capital markets including political connections, CEO compensation, bank lending and informal finance, investment efficiency and family firm and audit opinions and auditor choice. His published work on Chinese capital markets has appeared in numerous prestigious international journals including Management Science, Journal of Corporate Finance (six papers), Journal of Banking and Finance (five papers), Auditing a Journal of Practice and Theory and European Accounting Review (two papers). Over the last years, he successfully supervised his 20 PhD students.
He is currently an associate editor for Accounting and Finance journal. He has been board member of Asian finance Association since 2012 and was the Secretary between 2014 and 2016. As one of the chief investigators, he secured the only ARC Discovery Grant on the topic of “the importance of being politically connected” in the field of banking finance and investment in 2015.