您现在的位置:首页 >> 关闭
 
5月20日,Jun-Koo Kang(南洋理工大学)
发布时间:2021-05-17   发布人:zs   点击数:598

报告人:Jun-Koo Kang

时间:2021年5月20日(周四)下午13:30-15:00

地点:Zoom会议室

https://ntu-sg.zoom.us/j/91415156394

会议ID:914 1515 6394

密码:168298

报告语言:英文

主持人:石贝贝

报告题目:Does Firms’ Equity Financing Benefit Debtholders? Evidence from Private Placements of Equity

摘要:We examine how private placements of equity (PPEs) affect debtholder wealth. We find that banks charge higher loan spreads, require more collateral, and impose stricter covenants for firms conducting PPEs. The results are more pronounced for firms without a value-enhancing PPE feature, particularly those with poorer governance and higher information asymmetry. These firms also invest less efficiently and underperform in the post-placement period and realize more negative bond and stock returns around PPE (post-placement M&A) announcement dates. Thus, issuers’ managerial entrenchment problems are the main source of debtholders’ loss in PPEs and lenders use such information in adjusting lending terms.

报告人简介:Jun-Koo Kang现为新加坡南洋理工大学商学院金融系教授,其研究领域包括并购、公司治理、企业融资、资本结构、新兴金融市场、国际金融和银行业。Jun-Koo Kang教授是一位多产的学者,其研究成果大多都发表在国际顶级期刊Journal of Finance, Journal of Financial Economics, Review of Financial Studies, American Economic Review, Journal of Financial and Quantitative Analysis等。Jun-Koo Kang教授目前还兼任亚洲财经研究局高级研究员和执行理事会成员,亚洲公司治理研究所研究员,世界经济论坛专家网络成员。Chan, Chen, and Lee (2011)曾统计发现,Jun-Koo Kang在1990 - 2008年期间发表在经济,金融,管理领域的21个顶级期刊上论文数量在亚太地区的学者中排在第一位。

个人主页:https://dr.ntu.edu.sg/cris/rp/rp01010

 

扫一扫分享本页

 
相 关 新 闻:
热 点 新 闻: