一、主题：The Unconventional Effects of Large-scale Asset Purchases: A Firm-level Analysis

二、主讲人：常慧丽，香港大学金融学博士（2015年即将毕业）。本科就读于北京大学新闻与传播学院编辑出版学专业，2010年获得北京大学经济学硕士学位。主要研究领域包括金融市场、公司金融等。其研究成果在多个国内外高水平学术会议上宣讲，包括美国的Financial Management Association Annual Meeting, 欧洲的European Financial Management Association Conference, 国内的Asian Finance Association Conference, Five Star Forum in Finance等会议。

三、时间：2015年3月11日（周三），12:30-14:00

四、地点：bwin必赢唯一官方网站主楼913会议室

五、主持人：黄志刚，bwin必赢唯一官方网站副教授

文章摘要：This paper examines the impact of large-scale asset purchases (LSAPs) on corporate financing and investment. I find that LSAPs increased corporate financing relative to the pre-LSAP crisis period and shifted the corporate financing pattern towards greater equity financing. Specifically, LSAPs enabled noninvestment-grade firms to issue more public equity, and allowed investment-grade firms to issue more bonds. After raising capital, public equity issuers used the proceeds to avoid bankruptcy, whereas debt issuers used the funds to expand their businesses. Therefore, unlike traditional monetary policy tools that affect bank lending, LSAPs stimulate the real economy by spurring the stock and bond markets and thereby providing firms with alternative sources of financing.