题目：Initial Credit Condition and Entrepreneurship Failure

时间：2021年5月19日（周三）14：00-15：30（北京时间）

地点：朗润园万众楼一层大教室

主讲人：张帆（对外经济贸易大学）

摘要：Using a survey based on 1,965 enterprise initiations in China, we provide causal evidence that businesses launched in credit-ease years are 7.29% more likely to fail. The result is unlikely to be driven by the “imprinting effect” or the “cohort effect”. Nevertheless, we find the effect is plausibly due to the absence of credit monitoring, as projects funded by informal credits during credit-ease years are more likely to fail. However, such effect is attenuated when the start-up is in a strongly regulated industry. Importantly, we find entrepreneurs who failed their first business in credit-ease years tend to learn from the failure, and they document a better performance in their recent entrepreneurial businesses.

演讲人介绍：
张帆，对外经济贸易大学保险学院助理教授，Journal of Housing Economics、Real Estate Economics等杂志审稿人，主要研究领域：金融市场、行为经济学、房地产金融。