预付期权与公司风险承担 | 香港中文大学（深圳）经管学院

标题:	预付期权与公司风险承担
日期和时间:	2025年6月24日（周二） 10:30-12:00
地点	综合教学楼D504会议室
主讲人:	孙博弗吉尼亚大学
摘要:	We study the pervasive adoption of prepayment options in debt contracts, a phenomenon that persisted robustly even during periods of near-zero interest rates when traditional hedging motives were substantially attenuated. We develop an agency theoretic framework of debt contracting demonstrating that the option to prepay—representing opportunities to refinance when uncertainty about project quality abates over time—provides ex ante incentives for prudent risk-taking, thereby improving firm value. Leveraging the supervisory Federal Reserve Y-14Q data on individual loan contracts, we document data patterns on the take-up, pricing, and ex post performance of bank loans that are consistent with a disciplining role of prepayment options. These findings suggest that prepayment options may serve as effective substitutes for traditional collateral-based lending by establishing dynamic state-contingent incentives that address moral hazard concerns. Moreover, we identify a strategic complementarity between prepayment options and macroprudential regulation, whereby regulatory measures that enhance the risk sensitivity of loan pricing can amplify the disciplinary effect of prepayment options.
主讲人简介:	孙博是全球经济与市场领域的副教授，目前担任Journal of Money, Credit and Banking的副主编。孙教授对循证决策有着浓厚的兴趣，她就信息摩擦对经济的影响，尤其是对合约设计、金融市场交易和实体经济活动的影响，开展理论和实证研究。她的研究成果发表在《American Economic Review》, 《Journal of Monetary Economics》, 《International Economic Review》, 《Journal of Economic Literature》,《American Economic Journal: Microeconomic》等权威学术期刊上。在加入Darden商学院之前，孙博曾是美联储理事会的首席经济学家。她还于2011年至2014年在北京大学光华管理学院任教。她拥有弗吉尼亚大学经济学博士学位和北京大学金融学学士学位。