报告题目：Guaranteed Corporate Bonds
报告人简介：Frank Chen，美国纽黑文大学（University of New Haven）助理教授，2012年获得美国罗德岛大学金融学博士学位，研究领域集中于公司金融、信用增级、公司治理、供应链的投资和金融协同等多方面，研究成果发表于The Financial Review, Journal of the Asia Pacific Economy等国际期刊。他的多篇工作论文入选2014和2012 Financial Management Association conference, 2013 Midwest Finance Association conference, 2012 21th European Financial Management Association conference, 2011 China International Conference in Finance, 2010 SFA Annual Meeting等高级别国际国内学术会议，并在会议中宣讲。
此次他宣讲的正是他2014年入选Financial Management Association conference的论文。
Abstract：Protecting corporate bondholders from issuers' default, guarantees are widely used in the corporate bond market after late 1990s. Interestingly, this important financing method has received little attention in the academic literature. Using a large sample of new issues of corporate bonds, we show that guarantees enhance bond credit quality; with the same issuer rating, the average rating of bonds issued with guarantees significantly exceed that of bonds not issued with guarantees. Such a positive guarantee effect peaks for bonds whose issuer ratings are around the border of the investment and speculative grades. Moreover, we find that issuers using guarantees tend to be more financial constrained, subject to more severe agency problem, and have lower firm ratings and higher default probabilities, in comparison to non-guaranteed bond issuers.