讲座通知——风险、保险与不确定性经济学工作坊第二十九场

时间: 5 月 19 日（周四）上午9:00—10:30

地点: Zoom: 592 178 1573 密码：02864

主讲人: Prof. Dr. Marc A. Ragin（Assistant Professor at University of Georgia）

主持人: 贾若（北大经院）、陈泽（人大财金）、刁莉（清华经管）

参与人: 郑伟、姚奕（北大经院）、魏丽（人大财金）、陈秉正（清华经管）等

题目

Financing Negative Shocks: Evidence from Hurricane Harvey

内容简介

Financing frictions may limit the risk management of businesses, increasing their vulnerability to shocks. We examine business financing outcomes following Hurricane Harvey. Our analyses use two novel datasets on private companies: the credit reports of 8,219 businesses and a survey of 273 local firms. We address two questions in our analyses. First, to what extent did Harvey cause firms financial distress? Using their exact street addresses, we match businesses’ credit reports with flood depths from Harvey in difference-in-differences estimations. Flooded firms fell behind on their debt obligations, though these businesses avoided the most serious credit outcomes such as bankruptcy. Only independent businesses show signs of distress; subsidiaries of larger firms do not. Second, how did firms finance losses from Harvey? Firms were largely uninsured for their losses and were often denied credit after Harvey. Many funded recovery through informal means, such as friends and family financing. Our study highlights and quantifies the challenges posed by financing frictions in the wake of a negative shock.

主讲人简介

Prof. Marc Ragin is an Assistant Professor in the Department of Insurance, Legal Studies, and Real Estate (ILSRE) in the Terry College of Business at the University of Georgia. His research interests include behavioral insurance, catastrophe risk, insurer operations, and insurance market economics. He has published research in The Journal of Risk and Insurance, the Journal of Risk and Uncertainty, the Geneva Risk and Insurance Review, and the North American Actuarial Journal.