第一讲 Credit Limit Rigidities

时间：2025年 03月05日 周三 北京时间 下午14:00-15:30

地点/Venue：

线上：北大国发院承泽园校区344教室(校外人员线下参会，请扫描邮件下方二维码申报入院）

线下：ZOOM会议（会议号: 897 2560 1400  密码: 938759）

主讲人/Speaker:    Sudheer Chava

主持人/Host：       胡佳胤 Jiayin Hu

摘要/Abstract:

We document the presence of substantial nominal rigidities in credit card limits. Limits adjust much less frequently than prices, suggesting that real borrowing power varies substantially over the business cycle. We show that median limit offered on new cards remained fixed in nominal terms over a decade long portion of our sample, limits on existing cards adjust infrequently, and those that do tend to cluster in relatively large round number increments. We exploit cross-lender heterogeneity in the frequency with which limits are updated to provide evidence that these rigidities meaningfully distort consumer borrowing on credit cards.

主讲人介绍/Biography:

Sudheer Chava is the Alton M. Costley Chair and Professor of Finance at Scheller College of Business at Georgia Institute of Technology, Atlanta. He is also the Director of the Center for Finance and Technology and the Quantitative and Computational Finance (QCF) Program at Georgia Institute of Technology.

Dr. Chava’s research interests are in Credit Risk, Banking and Corporate Finance. He has published extensively in all the top journals in Finance including Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. His research has won a Ross award for the best paper published in Finance Research Letters in 2008, was a finalist for Brattle Prize for the best paper published in Journal of Finance in 2008 and was nominated for the Goldman Sachs award for the best paper for published in Review of Finance during 2004. Dr. Chava is the recipient of multiple external research grants such as FDIC-CFR Fellowship, Morgan Stanley Research grant and Financial Service Exchange Research grant. His papers have been presented at numerous finance conferences such as AFA, WFA, EFA, FDIC and Federal Reserve Banks and at many universities in the U.S. and abroad.

Dr. Chava has taught a variety of courses at the undergraduate and master’s level including Derivatives, Risk Management, Valuation, Cases in Financial Crisis and Credit Risk Analysis. He has also taught both theoretical and empirical finance courses at the doctoral level.

Sudheer Chava received his Ph.D. from Cornell University in 2003. Prior to that he has an MBA degree from Indian Institute of Management – Bangalore and worked as a fixed income analyst at a leading investment bank in India. He has held academic positions at University of Houston and Texas A&M University before joining Georgia Tech in 2010.

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