【本期主题】Does Stock Market Liquidity Increase the Propensity to Raise Debt Finance? This study investigates the relation between share liquidity and the propensity to raise debt finance. Using a sample of firm-year observations identified as "investment spikes" or firm-years with unusually large investment activities, this study finds that firms with more liquid shares tend to rely more heavily on debt to finance investment spikes. This result is robust to a control for the effects of firm size and other firm characteristics, the use of various leverage measures, and the use of a whole sample with investment spike characteristics. Another important finding is that firms with more liquid shares tend to have higher normal leverage ratios. One interpretation of these results is that information spillovers from the presence of more informative share prices allow firms with more liquid shares to borrow on more favourable terms in normal times, and to obtain additional debt financeat lower costs when confronted with unusual investment opportunities. Finally, this study also identifies a puzzle regarding inconsistent liquidityeffects in static and dynamic leverage models and resolves it.
【报告人】Hyun Joong Im 中国人民大学商学院金融学助理教授 牛津大学博士
【时 间】4月19日 上午10:00
【地 点】明德主楼0509室 诚邀您参加。如果您有兴趣，请于4月19日前回复邮件rucfinanceforum@gmail.com或电话联系，我们将为您预留座位
联系人：李红梅 62511138
报告人简介：
Hyun Joong Im (任贤中)，中国人民大学商学院金融学助理教授。他先后求学于澳大利亚悉尼大学和英国牛津大学，在金融学的课程和研究中取得优异成绩，并于2012年获得牛津大学哲学博士（金融经济学方向）学位。Hyun Joong Im的主要研究方向是公司财务、市场微观结构和实证金融学，并且自2007年起在牛津大学担任相关课程的助教和讲师职务。在攻读博士学位之前，他还曾担任韩国发展银行孤星有限公司的高级经理。 中国人民大学金融高端论坛组委会 财政金融学院应用金融系 汉青经济与金融高级研究院金融系 商学院财务与金融系
