主题： What’s in a (School) Name? Racial Discrimination
in Higher Education Bond Markets（校名意味着什么？高等教育债券中的种族歧视）
主讲人：高芃劼，圣母大学门多萨管理德州扑克大小
金融学副教授
日期：2016年3月23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：
Historically black colleges and universities
(HBCUs) pay more in underwriting fees to issue tax-exempt bonds, compared to
similar, non-HBCU schools. This appears to reflect higher deadweight costs of finding
willing buyers: the effect is three times larger in the Deep South, where
racial animus has historically been the highest. School attributes or credit
quality explain almost none of the effects. For example, identical differences
are observed between HBCU and non-HBCU bonds: 1) having AAA credit ratings, and
2) insured by the same company, even prior to the Financial Crisis of 2008.
HBCU-issued bonds are also more expensive to trade in the secondary market, and
when they do, sit in dealer inventory longer. JEL classification: H75, I24, J15
主讲人简介:
Pengjie Gao holds the associate professor in Finance at
the Mendoza College of Business, University of Notre Dame. Prior to joining
academics, he worked for Pequot Capital and Zacks IFE. He earned his doctoral
degree in Financial Economics from Northwestern University in 2007. Professor Gao’s
research interests include asset pricing, market microstructure, investment
management. He has articles published in the Journal of Financial and Quantitative Analysis, the
Journal of Finance, the Journal of Financial Markets, and the Review of
Financial Studies, among others. Professor Gao is
also an associate editor of the Pacific-Basin Finance Journal.
