报告题目：
Personal Bankruptcy Law and Innovation Around the World
报 告 人：加拿大温莎大学 Odette商学院 张敏杰 副教授
主办单位：金融系
报告时间：2025年10月30日 10:30-12:00
报告地点：小奶猫直播 浑南校区文管学馆B306
报告摘要：
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.
报告人简介：
Minjie Zhang, Ph.D., is an Associate Professor of Finance at the University of Windsor Odette School of Business. Minjie has published papers on entrepreneurial finance, entrepreneurship, and law and finance in FT50 journals such as the Journal of International Business Studies and the Journal of Business Ethics, as well as other leading field journals such as the British Journal of Management, Emerging Markets Review, Corporate Governance: An International Review (CGIR), and the International Journal of Managerial Finance. Minjie has presented his works at the Financial Management Association, the Eastern Finance Association, the Midwest Finance Association, and the Academy of International Business annual conferences, among others. Minjie received the Best Reviewer Award from the British Journal of Management in 2017 and a Best Paper Award (2nd Place) for his work published in CGIR. Minjie also serves as an Associate Editor of Venture Capital: An International Journal of Entrepreneurial Finance and as an editorial board member of Strategic Change.
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