- 標題:2018 年 1月 5 日 WETA@TES
- 公告日期:2017-12-08
【WETA 研討會】
日期:2018 年 1 月 5 日 (週五) 下午2:00~5:00
地點:國立臺灣大學管理學院二號館三樓 304 教室
講者:馬笑蓉教授(國立臺灣大學財務金融學系)
演講主題:
(1) Stock Price Crashes and Equity Lending Market Conditions: Evidence from Lending Fees and Fee Risk
(2) Does Short-selling Threat Discipline Managers in Mergers and Acquisitions Decisions?
講題摘要:
(1)
We find that stock price crash risk is positively related to lagged equity lending fee and fee risk. This relation is stronger for stocks with larger prior returns, consistent with bubble-like crashes due to poor lending market conditions. We also find stronger results for the stocks with lower absolute earnings surprises, lower short interests, and higher information uncertainty. Our findings are robust to alternative measures of crash risk and lending market conditions. Last, the results hold when adopting a difference-in-differences methodology based on the Reg-SHO Pilot Program and a fuzzy regression-discontinuity design based on Russell Index reconstitution, mitigating endogeneity concerns.
(2)
We explore the disciplining effect of short-selling threat, proxied by the value of shares available for short sellers to borrow, on merger and acquisition (M&A) decisions.
講者介紹:
馬笑蓉教授為香港大學財務金融博士,目前任職於國立臺灣大學財務金融學系。研究專長為Empirical asset pricing、Corporate governance以及Informed trading,詳細資訊請見馬教授介紹網頁:http://www.management.ntu.edu.tw/faculty/teacher/sn/312 。
會程安排:
下午 1:30 ~ 2:00報到
下午 2:00 ~ 3:20 First session
下午 3:20 ~ 3:40 Tea Break
下午 3:40 ~ 5:00 Second session
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報名網址:http://creta.org.tw/?news_2=204
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報名期限:2018/1/4 (四) 13:30
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- 最後修改時間:2017-12-08 PM 4:01