会议时间：2021/10/13 12:00-13:30

会议主题：Inalienable Human Capital and Debt Choice

会议地点：向东楼304

内容提要：Hart and Moore (1994) develop theoretical predictions on how inalienable human capital affects debt contracting. We examine, empirically, how firms address the increased threat of losing inalienable human capital by choosing between private and public debt. Exploiting the staggered rejection of the inevitable disclosure doctrine (IDD) across U.S. states as exogenous shocks that facilitate the outflow of key talent to rivals, we find that treatment firms significantly increase reliance on private debt financing. The effect is stronger among firms that rely more on key human capital, with more fragile fundamentals, and that face higher information asymmetry. Our overall findings indicate that, due to the inalienable nature of human capital, flexible renegotiation and timely monitoring are important benefits of private debt in reacting to the risk of losing human capital.

主讲人信息：倪骁然，厦门大学经济学院、王亚南经济研究院副教授、博士生导师。主要研究领域为公司金融。在《经济研究》、《管理世界》、《经济学（季刊）》、《金融研究》、《中国工业经济》、Journal of Corporate Finance、Journal of Banking and Finance等国内外重要学术期刊发表论文多篇。获得洪银兴经济学奖等多项国内外学术奖励。