喻园管理论坛2021年第92期(总第749期)

演讲主题: Do Underwriters Short-change Corporations Issuing Bonds?

主 讲 人: Jeremy Goh，新加坡管理大学Lee Kong Chian商学院金融系教授

主 持 人: 李安泰，威尼斯欢乐娱人城·首页财务金融系讲师

活动时间: 2021年11月29日（周一）上午10:00-11:30

活动地点: 腾讯会议，会议ID: 167 861 436

主讲人简介：

Jeremy Goh，新加坡管理大学金融学终身教授，美国华盛顿大学金融学博士。曾任新加坡管理大学Faculty Senate主席和新加坡管理大学Lee Kong Chian School of Business学术院长。研究兴趣包括公司金融、量化投资与金融科技等，在金融学国际顶级期刊Journal of Finance和Journal of Finance and Quantitative Analysis等学术期刊发表论文十余篇。

活动简介：

We confirm prior evidence that bonds on average are offered at prices below their immediate post-offer secondary market prices. However, in cases where banks lead-manage their own bond offerings the underpricing is significantly less as compared to other non-self-marketed offerings. These findings remain robust for various matched samples and selection models. Our results suggest that the bond offering process is characterized by substantive agency conflicts between shareholders of corporation (issuers) and underwriters.