主题：Do
You Sell a $1 Billion Corporate Bond? An Investigation of Liquidity and Price
Pressure Effects （出售十亿美元公司债券？关于流动性和价格压力效应的研究）
主讲人：Jean Helwege，加州大学河滨分校约翰安德森管理德州扑克大小
教授
日期：2015年10月23日（周五）
时间：下午2:00-3:00
地点：德州扑克大小
金融德州扑克大小
4号楼102教室
语言：英文
摘要：
Larger
bond offerings provide investors with greater liquidity, but they can be
difficult to place. In this paper we consider the beneficial liquidity aspects
of very large bond deals and the difficulties that arise from price pressure.
We find that mega-bonds have unusually high liquidity, as measured by trading
volume and frequency, but less so when measured by price impact. Despite their
greater liquidity, very large bonds suffer from greater underpricing and have
higher yields. Thus, firms that want to raise a billion dollars might find it
helpful to split the bond offering across time or by maturity.
主讲人简介：
Jean
Helwege is professor of finance at School of Business and Home of A. Gary
Anderson Graduate School of Management, University of California - Riverside. She
received a M.A. and a Ph.D. in Economics from University of California at Los
Angeles. Before joining the University of California – Riverside, she has
worked in University of South Carolina, Pennsylvania State University,
University of Arizona and Federal Reserve System. She teaches Risk Management,
Fixed Income, Financial Institutions, Investments and Corporate Finance for
undergraduate students, Master of Finance students, and Ph.D. students. She
also works in editorial boards such as Journal
of Financial Services Research, International Review of Finance and Quarterly Journal of Finance.
