主题： The Role of Financial Intermediaries in the
Transmission of Peer-to-Peer Financial Policies（金融中介在同业财务政策传导中的作用）
主讲人：Matthew T. Billett，印第安纳大学凯莱商德州扑克大小
金融学教授
日期：2016年3月2日（周三）
时间：下午2:30-4:00
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：
We document a significant influence of industry
peers’ recent equity issuance, on the SEO activity of financially constrained
firms. This effect is incremental to prior determinants of SEO decisions. We
explore the role of financial intermediaries in the transmission of these peer
effects and find that analyst coverage and institutional ownership increase,
and analyst forecast dispersion and bid-ask spreads decrease following peer
firm SEOs. We find that a constrained firm’s hazard ratio of an SEO increases
in the number of recent peer firm SEOs, and that this relation is particularly
strong when the peer SEOs are marketed by the firm’s own underwriter. When the
constrained firm announces an SEO we find the announcement returns increase and
the gross spreads decrease when their underwriter has recently done related
deals. Our results suggest that financial intermediaries are important
information conduits from earlier issuers to their industry peers.
主讲人简介:
Matthew T. Billett
holds the Richard E. Jacobs Chair in Finance at the Kelley School of Business,
Indiana University. Previously, Professor Billett spent thirteen years in the
Tippie College of Business, University of Lowa. He received a Ph.D. in Finance
from the University of Florida in 1993. Professor Billett has articles
published in the Journal of Financial and
Quantitative Analysis, Journal of Finance, Financial Management, the Journal of
Financial Economics, and the Review
of Financial Studies, among others. Professor Billett is also an associate
editor of the Journal of Financial
Research.
