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SUMMARY: St Catharine’s Political Economy Seminar  - ‘Bank Credit Rati
 ng Changes\, Capital Structure Adjustments and Lending’ by Claudia Girar
 done - Claudia Girardone
DTSTART:20180314T180000Z
DTEND:20180314T193000Z
UID:TALK98179@talks.cam.ac.uk
CONTACT:Philippa Millerchip
DESCRIPTION:*Date:* Wednesday\, 14 March 2018\n*Time:* 18:00 -19:30\n*Spea
 ker:* Claudia Girardone  \n*Talk Title:* ‘Bank Credit Rating Changes\, C
 apital Structure Adjustments and Lending’\n*Location:* Ramsden Room\, St
  Catharine's College \n\nThe next St Catharine's Political Economy Seminar
  in the series on the Economics of Austerity\, will be held on 14 March\, 
 2018 - Claudia Girardone will give a talk on "Bank Credit Rating Changes\,
  Capital Structure Adjustments and Lending". The seminar will be held in t
 he Ramsden Room at St Catharine's College from 6.00-7.30 pm. All are welco
 me. The seminar series is supported by the Cambridge Journal of Economics 
 and the Economics and Policy Group at the Cambridge Judge Business School.
 \n\n\nSpeaker:\nClaudia Girardone is Professor of Banking and Finance at E
 ssex Business School of the University of Essex. She is also Director of t
 he Essex Finance Centre (EFiC) and the School’s Director of Research. Pr
 ofessor Girardone has published over 50 articles on various aspects of ban
 king and finance in books and peer-reviewed international journals. She is
  a co-author of the textbook Introduction to Banking (FT Pearson Education
 \, 2015). She is currently on the editorial board of several journals incl
 uding the Journal of Financial Economic Policy and The European Journal of
  Finance. Her current research areas are on banking sector performance and
  stability\, bank corporate governance\, the industrial structure of banki
 ng and access to finance.\n\nTalk Overview:\nThis contribution examines th
 e causal effect of bank credit rating changes on bank capital structure de
 cisions. Banks adjust their capital structure following a credit rating do
 wngrade. Adjustments involve: leverage\, rating sensitive liabilities and 
 lending. Rating upgrades do not affect capital structure activities sugges
 ting that banks target minimum rating levels. In our study\, we also explo
 it the asymmetric impact of downgrades of banks based in Greece\, Ireland\
 , Italy\, Spain and Portugal during the EU sovereign debt crisis. This asy
 mmetric effect leads to greater capital adjustments\, reductions in long-t
 erm funding and lending of banks from those countries relative to other ba
 nks. Our results are consistent with the expectation of discrete cost (ben
 efits) associated with rating changes.\n\n\n\nPlease contact the seminar o
 rganisers \nPhilip Arestis (pa267@cam.ac.uk) and Michael Kitson (mk24@cam.
 ac.uk) in the event of a query.\n\n
LOCATION:The Ramsden Room\, St Catharine's College
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