2025年第44期(总第1085期)

演讲主题：Personal Bankruptcy Law and Innovation Around the World

主讲人：Douglas Cumming Stevens Institute of Technology 教授

主持人：李安泰 计算金融系副教授

活动时间：2025年6月18日（周三）09:00-10:30

活动地点：管院大楼119室

主讲人简介：

Douglas Cumming是国际知名的金融学学者，研究领域涵盖风险投资（VC）、私募股权（PE）、金融科技（FinTech）、区块链及证券市场。他拥有多伦多大学金融学博士和法学博士学位，在Journal of Financial Economics, Review of Financial Studies, Journal of International Business Studies等顶级期刊发表200多篇高水平论文，并撰写多本权威著作，如《Venture Capital and Private Equity: An International Perspective》。他的研究兼具学术与政策影响力，曾为世界银行、欧盟等机构提供咨询，是全球高被引学者之一。

活动简介：

Because corporate limited liability protects the founder’s personal assets, creditors often require founders of new, small and risky firms to contract around limited liability by pledging their personal assets as collateral for loans to their firms. This makes personal bankruptcy law (PBL) relevant to corporate finance. We find that pro-debtor PBL reforms increase the number of patents filed, citations to those patents, and début patents by firms with no previous patents. These reforms also redistribute innovation across industries in closer alignment to its distribution in the U.S., which we take to approximate industry innovative potential. These effects are driven by firms without histories of high intensity patenting and are damped in countries that impose minimum capital requirements on new firms. Firms with largescale legacy technology may avoid radical innovations that devalue that technology. Consequently, new, initially small and risky firms often develop the disruptive innovations that contribute most to economic growth. Consistent with this, we also find pro-debtor PBL reforms increasing allocative investment efficiency. Our difference-in-differences regressions use patents and PBL reforms for 33 countries from 1990 to 2002, with subsequent years used to measure citations to patents in this period.