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商学院学术论坛:The Impact of COVID-19 on Supply Chain Credit Risk
发布日期 :2020-10-30浏览次数 :

讲座题目:The Impact of COVID-19 on Supply Chain Credit Risk

   

主讲人:吴靖助理教授

   

讲座时间:2020年11月3日 周二下午14:00-16:00

   

地点:主教615

   

主讲人介绍

吴靖教授就职于香港中文大学中大商学院决策科学与管理经济系,也是香港-深圳联合金融研究中心的执行委员,拥有芝加哥大学布斯商学院的博士学位和MBA学位及清华大学电子工程学士学位。主要研究领域是运营与财务,全球供应链,经济网络和大数据应用,研究论文发表在Management Science、M&SOM等顶级期刊。同时为香港一家金融科技公司和内地的资产管理公司提供咨询服务,回国前曾在纽约德意志银行担任量化策略师。

   

讲座摘要:

We examine how supply chain activity reflects into credit risk during different phases of the COVID-19 pandemic by focusing on CDS spreads and US-China supply chain links. We find considerable effects on credit risk propagation. CDS spreads for _rms with China supply chain partners increase with supply chain disruptions during the economic shutdown period of the pandemic, and the spreads go down when the economic activity resumes with re-opening in China. The household demand channel is an important driver of this supply chain credit risk behavior. Supply chain activity resumption is not sufficient to decrease credit risk in sectors that cater to households when the local economy suffers from dampened household spending due to economic shutdowns. Having a more global customer base, on the other hand, mitigates the local household demand shock effects. While firm leverage and supply chain duration magnify supply chain driven credit risk during the pandemic, cash holdings, growth opportunities, investment-grade rating, and supply chain network centrality moderate such effects.

   

   

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