上海交通大学：《跨国公司财务管理》教学资源_课件PPT_ICF PPT-Introduction & Financial Crisis

International Corporate Finance Xin Chen Associate Professor Antai College of Economics and Management

1 International Corporate Finance Xin Chen Associate Professor Antai College of Economics and Management

Who am I? Xin Chen 2009/09-Visiting Associate Professor,Aarhus School of Business 2007 Visting Faculty Fellow,Massachusetts Institute of Technology 2006 Associate Professor,Dept of Accounting,Antai College of Economics and Management,Shanghai Jiaotong University,Shanghai, China 2005 Assistant Professor,Business School,Renmin University,Beijing, China 2005 Ph.D.in Finance,Carlson School of Management,University of Minnesota,USA 2000-2002 Consultant (Part-Time),Financial Sector Policy and Strategy Dept,The World Bank Group,Washington D.C.,USA 2

2 Who am I? Xin Chen 2009/09- Visiting Associate Professor, Aarhus School of Business 2007 Visting Faculty Fellow, Massachusetts Institute of Technology 2006 Associate Professor, Dept of Accounting, Antai College of Economics and Management, Shanghai Jiaotong University, Shanghai, China 2005 Assistant Professor, Business School, Renmin University, Beijing, China 2005 Ph.D. in Finance,Carlson School of Management, University of Minnesota, USA 2000-2002 Consultant (Part-Time), Financial Sector Policy and Strategy Dept, The World Bank Group, Washington D.C.,USA

What do I do? Teaching: Undergraduate:Corporate Finance;Managerial Accounting;International Corporate Finance Master:Auditing Research;International Financial Management;Corporate Finance MBA:Corporate Finance;Strategic Corporate Finance; Financial and Managerial Accounting 3

3 What do I do? Teaching: Undergraduate: Corporate Finance; Managerial Accounting; International Corporate Finance Master: Auditing Research; International Financial Management; Corporate Finance MBA: Corporate Finance; Strategic Corporate Finance; Financial and Managerial Accounting

What do I do? Research:Corporate Finance,Banking,Financial Market, Auditing Policy Burdens,Firm Performance,and Management Turnover,with G.Liao,X.Jin and J. Sun,China Economic Review,Forthcoming 2009 March (Chinese Finance Association 2008 Annual Meeting Best Paper Award) The Information Content of Bank Loan Announcements by Chinese Listed Firms--Free Cash Flow or Peck-Order Hypothesis?2007,with H.Shen and C.Chang,Journal of Financial Research,Vol 12,P154-164 An Empirical Reclassification of Dividend Tax Clienteles,2007,With J.Sun,Financial Management Association 2007 Annual Conference,Orlando Chasing Dividends:Taxes or the Prudent Man Rule?2007,With J.Sun,Financial Management Association 2007 Annual Conference,Orlando Can Auditing Reduce Earnings Management?An Empirical Test of a Self-Selection Model for Interim Auditing of Chinese Listed Firms,with Y.Hu,J.Wang and L.Ma,2007 International Symposium on Audit Research(ISAR)

4 What do I do? Research: Corporate Finance, Banking, Financial Market, Auditing Policy Burdens, Firm Performance, and Management Turnover，with G.Liao , X. Jin and J. Sun, China Economic Review, Forthcoming 2009 March（Chinese Finance Association 2008 Annual Meeting Best Paper Award） The Information Content of Bank Loan Announcements by Chinese Listed Firms--Free Cash Flow or Peck-Order Hypothesis? 2007,with H. Shen and C. Chang, Journal of Financial Research,Vol 12, P154-164 An Empirical Reclassification of Dividend Tax Clienteles， 2007， With J. Sun, Financial Management Association 2007 Annual Conference, Orlando Chasing Dividends: Taxes or the Prudent Man Rule? 2007, With J. Sun, Financial Management Association 2007 Annual Conference, Orlando Can Auditing Reduce Earnings Management? An Empirical Test of a Self-Selection Model for Interim Auditing of Chinese Listed Firms，with Y.Hu, J. Wang and L. Ma, 2007 International Symposium on Audit Research (ISAR)

Contact Information Xin Chen: Email:xinch@sjtu.edu.cn Office:Antai Campus,bldg 10,Room 204 5

5 Contact Information Xin Chen: Email: xinch@sjtu.edu.cn Office: Antai Campus, bldg 10, Room 204

A Review of the 2007-09 (? Financial Crisis and Implications 6

6 A Review of the 2007-09 (?) Financial Crisis and Implications

Outline 袋 Evolution of US mortgage markets How did the crisis begin and spread? 圈 Reactions by the Federal Reserve/US government Implications 的 Macroeconomic policies Corporate finance 7

7 Outline Evolution of US mortgage markets How did the crisis begin and spread? Reactions by the Federal Reserve/US government Implications Macroeconomic policies Corporate finance

U.S.Housing Market I:Pricing History Source:Robert Shiller,Yale University 250 1000 900 200 800 150 Home Prices 10 xapul 100 suolll!W ur uonelndod Building Cost Population 50 20 Interest Rates 100 0 0 1880 1900 1920 1940 1960 1980 2000 2020 Year 8

8 U.S. Housing Market I: Pricing History Source: Robert Shiller, Yale University

11510.81 DJIA 一价格 1 Year 16890.34 10269.87 9649.40 9028.93 8408.46 7787.99 人nn 7167.52 547,0时 ©的-的82丝 8-的68811636的 4-2 的-胡 07-22 09-08 1456230400 8592172800 5728115200 2864057600 0平1tgsn, httpi//finance.sina.com.cn

Traditional Mortgage Market 3△J Lends money. Receives interest Manages delinquincies. and principal. 出 ■■■■ ■■■ 田 Borrower 10

10 Traditional Mortgage Market