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Dear colleagues,

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LTI@UniTO (www.carloalberto.org/lti) is pleased to invite you to the following Webinars in Finance:

*9 NOVEMBER 2020 | h. 12:45-13:45*

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*“Corporate foreign bond issuance and interfirm loans in China”*

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*Ugo Panizza (Graduate Institute of International and Development Studies, Geneva)*

Abstract: We use firm-level data to analyze international bond issuance by Chinese non-financial corporations. The interest rate differential between domestic and foreign interest rates increases the likelihood of dollar bond issuance by risky firms. Most strikingly, risky firms do more interfirm lending than non-risky firms. This lending rose significantly after the authorities sought to restrict the financial activities of risky firms in 2008-09. Risky firms try to boost profitability by engaging in speculative activities that mimic the behavior of financial institutions while escaping prudential regulation that limits risk-taking by financial firms.

/Joint with Yi Huang and Richard Portes/

*Zoom Link https://us02web.zoom.us/j/86538325685?pwd=SlFtZTlxQVI2cktZanhPOUlFWGVjQT09 https://us02web.zoom.us/j/86538325685?pwd=SlFtZTlxQVI2cktZanhPOUlFWGVjQT09 *

Meeting ID: 865 3832 5685 Passcode: 460794

|(Attendance is limited to maximum 100 participants)|

For more information https://www.carloalberto.org/event/ugo-panizza/

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*11 NOVEMBER 2020 | h. 15:00 - 16:15*

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*Sergei Glebkin (INSEAD)*

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|*“Simultaneous Multilateral Search”*|

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Abstract: This paper studies simultaneous multilateral search (SMS) in over-the-counter (OTC) markets: when searching, an investor contacts several potential counterparties and then trades with the one offering the best quote. Search intensity (how frequently one can search) and search capacity (how many potential counterparties one can contact) affect market qualities differently. Contrasting SMS to bilateral bargaining (BB), the model shows that investors might favor BB over SMS if search intensity is high or in distress. Such preference for BB hurts allocative efficiency and suggests an intrinsic hindrance in the adoption of all-to-all and request-for-quote type of electronic trading in OTC markets.

/Joint with Bart Yueshen (INSEAD)./

*Zoom Link https://us02web.zoom.us/j/81064877787?pwd=Z2grNzZwbGtXd25yakR3NkU4cFNFZz09 https://us02web.zoom.us/j/81064877787?pwd=Z2grNzZwbGtXd25yakR3NkU4cFNFZz09*

Meeting ID: 810 6487 7787 Passcode: 733237

||(Attendance is limited to maximum 100 participants)||

For more information https://www.carloalberto.org/event/sergei-glebkin/

Best regards,

Luca Regis

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