Σεμινάριο Τμήματος Οικονομικών Επιστημών
Παρασκευή 23 Δεκεμβρίου 2022, Ώρα 18:30
Κτίριο Τμήμα Οικονομικών Επιστήμων, Πανεπιστήμιο Πατρών
2ος Όροφος, Αμφιθέατρο 4
Προσκεκλημένος ομιλητής: Σεραφείμ Τσούκας, Καθηγητής, Adam Smith Business School, University of Glasgow, UK
Τίτλος Παρουσίασης: Real effects of imperfect bank-firm matching
Abstract: Using granular bank-firm level credit data, we show that the characteristics of bank-firm matches affect firms’ access to credit and real outcomes during crises. We identify a set of potential matches in pre-crisis years, and we use them to predict match formation in crisis times. We generate a measure of “imperfect matches” given by the difference between realized and predicted matches. In crisis times, imperfect matches deteriorate firm outcomes. The effects are economically important. A one standard deviation worsening in the index is associated with a drop in firms’ employment, tangible assets, and survival by 0.9%, 2.7%, and 4.2%, respectively.
Keywords: Financial frictions, bank-firm match, credit, investment, employment.
JEL Classification: G21, G30, E22, E51
Serafeim Tsoukas is a Professor in Corporate Finance and Banking in the Adam Smith Business School, University of Glasgow, UK. He holds a PhD in Economics from the University of Nottingham (UK), an MSc in Economics and Financial Economics from the University of Nottingham (UK) and a BSc in Economics from the University of Patras (Greece). His research focus in Corporate Finance, Bank Lending, International Financial Markets and Credit Risk Modelling. His work has been published in the academic journals Economic Inquiry, Economics Letters, International Journal of Finance and Economics, International Journal of Forecasting, Journal of Banking and Finance, Journal of Business Finance and Accounting, Journal of Corporate Finance, Journal of Financial Intermediation, Journal of Empirical Finance Journal of International Financial Markets, Institutions and Money, Oxford Bulletin of Economics and Statistics, Oxford Economic Papers, Review of Finance, Structural Change and Economic Dynamics. He is an Associate Editor in the academic journal Economic Modelling.
More details: University of Glasgow – Schools – Adam Smith Business School – Our staff – Dr Serafeim Tsoukas