On June 3^rd, Professor Anthony Saunders, the John M. Schiff Professor of Finance at NYU Stern, was invited to deliver an academic report on “Finance Forum” lecture series in SEPKU. More than 80 scholars from PKU, UIBE, NTU and other schools attended the lecture.

 

Before the lecture, Dean Sun Qixiang made a welcoming address on behalf of SEPKU. She expressed warm welcome to Professor Saunders and the attendees. Dean Sun noted that Prof. Saunders’ reveal of co-financing negative externalities has great importance to the world to effectively prevent the outbreak of systemic risk and crisis.

 

Professor Song Min, Director of Finance Department of SEPKU, held the lecture. Prof. Saunders made an academic report on “Syndicated loans, Correlation and Systemic Risk”.

 

In the report, Prof. Saunders revealed his latest research results that bank’s relationship under syndicated loans market is the main resource of systemic risk. Prof. Saunders firstly described a series of innovative empirical method to measure the inter-bank syndicated loan portfolio similarity, so as to measure the banking relationship in the market. Then he pointed out that since lenders tend to cooperate with banks having similar lending capacity, so the method that multiple lenders aggregated into co-financing partners is much more common than the scattered form. The aggregation also reduced the cost of screening and monitoring of potential advantages. At last, Prof. Saunders said that the most relevant lenders in syndicated loan market are culprit of systemic risk, which revealed negative externalities in syndicated loan process.

 

In the final stage, Prof. Saunders exchanged with the audiences and took a group photo to mark the occasion.

 

Anthony Saunders is the John M. Schiff Professor of Finance at New York University Stern School of Business and is currently on the Executive Committee of the Salomon Center of the Study of Financial Institutions. Throughout his academic career, his teaching and research have specialized in financial institutions and international banking. He has served as a visiting professor all over the world, including INSEAD, the Stockholm School of Economics, and the University of Melbourne. Professor Saunders holds positions on the Board of Academic Consultants of the Federal Reserve Board of Governors as well as the Council of Research Advisors for the Federal National Mortgage Association. In addition, Dr. Saunders has acted as a visiting scholar at the comptroller of the Currency and at the Federal Monetary Fund.

 

Professor Saunders received his Ph.D. from the London School of Economics. His research interests lie in financial institutions and markets. He is an editor of the Journal of Banking and Finance and the Journal of Financial Markets, Instruments and Institutions, as well as an associate editor of eight other journals, including Financial Management and the Journal of Money, Credit and Banking. His research has been published in all of the major finance and banking journals and in several books. He has just published a new edition of his textbook, Financial Institutions Management: A Risk Management Perspective for McGraw-Hill (7th edition).