德州扑克大小

印第安纳大学凯莱商德州扑克大小 金融学教授Matthew T. Billett学术研讨会:金融中介在同业财务政策传导中的作用

时间: 2016-03-02 15:00 来源: 作者: 字号: 打印

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.