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北洋金融管理讲坛 | 信息溢出与公司政策:以上市期权为例

发布时间:2020-12-08    来源:

讲座时间:  2020年12月9日(周三)15:00

ZOOM会议ID:93209397124(密码:183846)

主讲人:胡剑峰


主讲人介绍:

胡剑峰,新加坡管理大学李光前商学院金融学助理教授,美国纽约市立大学巴鲁克学院金融学博士。胡教授主要研究领域为资产定价与资本市场、金融创新与金融科技、固定收益及衍生品。其研究成果发表于Journal of Financial Economics,Management Science等国际顶级期刊,其中一篇发表在Journal of Financial Economics的论文胡教授为独立作者。胡教授主要学术观点受到《华尔街日报》、彭博社和CNBC等国际权威金融媒体报道。此外,胡教授具有丰富的金融实践经验,在从事学术研究之前,胡教授在全球知名金融机构瑞士信贷(Credit Suisse)担任固定收益衍生品分析师。

Jianfeng Hu is an Assistant Professor of Finance in Lee Kong Chian School of Business at Singapore Management University. His research interests include financial innovation, informed trading, derivatives, and market microstructure. His research papers have been published in the Journal of Financial Economics, Management Science, and Review of Finance, and featured in the Wall Street Journal, Bloomberg, and CNBC. His recent research has been presented in various international academic conferences and won several best-paper awards such as the first place of CQAsia academic competition. Jianfeng obtained his PhD in finance from Baruch College, the City University of New York. Prior to the academic life, he was a fixed income derivative analyst at Credit Suisse.

讲座内容:

为了研究信息冲击对一系列公司决策的影响,我们使用期权可用性的外生变化作为工具。经过研究结果显示,期权引入对涉及资产负债表双方的公司政策具有因果影响。在更大程度上创新和提高信息的质量和效果。它还减少了使用支出和债务来应对机构和信息摩擦的需要。我们进一步进行了两个独立的实验,表明我们的仪器的影响不是通过其他渠道。总体来说,期权有效性对企业具有正向的信息溢出效应,在企业决策方面,期权可得性并不是一种附带的表现。

To examine the impact of shocks to information on an array of corporate decisions we use exogenous variations in options availability as an instrument. Our results indicate that option introductions have causal impact on corporate policies concerning both sides of the balance sheet. The improved information quality results in greater investment and more and better innovation. It also reduces the need to use payout and debt in response to agency and information frictions. We further conduct two independent experiments showing that the impact of our instrument is not through alternative channels. Overall, options availability has a positive information spillover effect on firms and they are not a side show when it comes to corporate decisions. 
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