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报告题目:Proprietary Information and the Choice Between Public and Private Debt

报 告 人:王文明

报告地点:腾讯会议(会议ID:469 204 386)



The high costs of disclosing confidential information lead firms with proprietary information to prefer private debt (bank loan) to public debt (corporate bond). We provide empirical evidence supporting this proposition using the staggered adoption of the inevitable disclosure doctrine (IDD) by U.S. state courts that exogenously increased the value of proprietary information. The focal firms are significantly less likely to issue bonds after the IDD adoption. Financing through public debt decreases more for firms in which the protection of proprietary information is relatively more important.


王文明,浙江大学管理学院研究员,会计学博士,博士生导师。2011年于香港浸会大学获得会计学博士学位,2020年6月加入浙江大学管理学院财务与会计学系。曾任职香港浸会大学会计与法律系助理教授。他的研究主要集中于财务会计、公司治理、企业社会责任、家族企业治理、供应链管理及企业债务融资等领域。部分研究成果已发表于Journal of Corporate Finance, Journal of Banking and Finance,Journal of Business Ethics,Financial Management, Journal of Accounting,Auditing, and Finance, Accounting Horizons,Pacific-Basin Finance Journal,《金融研究》等国际国内学术期刊。担任Journal of Banking and Finance,Journal of Business Ethics, Journal of Accounting, Auditing, and Finance, International Journal of Accounting, Asia-Pacific Journal of Accounting and Economics, China Journal of Accounting Research, China Accounting and Finance Review, Corporate Governance: An International Review 等期刊匿名审稿人。任职香港浸会大学期间曾主持及共同主持香港政府教资局(GRF)课题各一项。



撰稿:曲琦 审核:刘行 单位:bob体官网手机版会计学院