时间：2022年12月15日（周四）下午3：00-5:00
讲座形式：腾讯会议（会议号：306-581-149）
主讲人：
Jerry Cao（香港恒生大学）；
Jeremy Goh（新加坡管理大学）
讲座信息：
Jerry CAO：香港恒生大学教授，兼任南方科技金融研究院院长，麻省理工广州创新中心领军人才和主任。美国波士顿学院金融学博士学位，师从哈佛电竞博彩
讲座教授，全球风险投资知名学者Josh Lerner。2008年8月至2016年6月在新加坡管理大学任金融助理教授，并于2011年9月至2015年8月担任亚洲私募股权学院院长(新加坡政府投资公司和新加坡管理大学联合），2016-2019年任职于中山大学岭南学院，副教授、博导、院长助理。
报告题目：The Cross-border Peer Effect and Investment Policies of U.S. and Chinese Firms
摘要：We document a cross-border peer effect in corporate investment across two key economies, China and the US. Results show that investment by Chinese firms lags US peers without feedback in the other direction. This association is stronger for Chinese firms in manufacturing, with innovative US peers, or experiencing trade pressure, and is robust to diagnostic tests using trade, competitive, and business cycle conditions. Furthermore, Chinese firms respond to domestic competition by learning from US peers. Information acquisition and managerial career concerns partly explain the peer effect. Our work illustrates how decision-makers in China’s rapidly-growing economy have learned from foreign peers.
Jeremy Goh教授，是新加坡管理大学创校教授，曾任新加坡管理大学李光前电竞博彩
副院长和金融系主任，目前任新加坡新加坡管理大学花旗金融中心主任，新加坡交易所和新加坡金融管理局顾问，中山大学岭南学院访问教授，新加坡金融普及教育第一人。曾在Journal of Finance, JFQA, JCF等国际知名期刊发表多篇论文，担任多个国际期刊副主编和审稿人，主要研究领域包括债券发现，交易和分析师行为，公司治理等。
报告题目：Price Pressure and Corporate Bond Underpricing: Evidence from Newly-issued and Tack-on Offerings
摘要：Tack-on bond issues are additional offerings, with the same terms and CUSIP, of an existing bond series. We provide new evidence of systematic underpricing for tack-on corporate bonds. These bonds are offered at prices significantly below their immediate post-offer secondary market prices. By exploiting the availability of pre-tack-on offer prices, we find statistically significant negative bond price reaction on the offer date. Our regression results for newly-issued offerings and bond event study results for tack-on offerings confirm underpricing is partially attributable to price pressure effects. We also find evidence validating the valuation uncertainty and information asymmetry hypothesis.
