主题：The
Private Premium in Public Bonds（公共债券中的私人溢价）
主讲人：魏晨阳，美国国际集团（AIG）信用研究部总监
日期：2015年12月9日（周三）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
This paper is the first to
document a private premium in public bonds. We find that spreads are 30
basis points higher for public bonds of private companies than for bonds of
public companies, even after controlling for observable differences, including
detailed financial performance measures. The estimated private premium
increases to 40 to 50 basis points when propensity matching methodology is used
or when we control for fixed issuer effects. In contrast, in the same
sample, there is no difference in pricing in private debt (syndicated
loans). Overall, consistent with theories on the informational
sensitivity of different security classes, the “private premium” uncovered in
the public bond market appear to reflect the importance of information costs.
主讲人简介:
Chenyang Wei holds the Director, Head of Credit
Research of AIG Investments Risk. He is also a Research Fellow at the University
of Pennsylvania, and a Fellow at the Wharton Financial Institutions Center.
Previously, Dr. Wei spent five years as economist in the Federal Reserve Bank
of New York. He received a Ph.D. in Finance from the New York University in 2006.
Dr. Wei’s key responsibilities include the monitoring and analyzing Macro and
demographics trends, global residential/ commercial real estate market,
banking/corporate credit, and sovereign. He has articles published in the Economic Policy Review, and the Review of
Financial Studies, among others.
