科学研究
报告题目：Regulatory Enforcement on Public Disclosure and Connected Investors in Corporate Bond Issuance
报告人：张磊
报告时间：2023年10月20日（周五）8:00-9:30
报告地点：腾讯会议（会议ID：617 416 945）
主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
We analyze whether regulatory comment letters (CLs) negatively affect corporate bond issuance and whether connected investors’ participation in the issuance could mitigate the CLs’ negative impact. Using a hand-collected dataset of CLs issued by China’s bond market regulator before the bond issuance, we find that issuers are less likely to issue bonds after receiving CLs, suggesting that the regulator’s concerns about issuers’ public disclosures negatively affect the issuance. However, for the bonds that are issued successfully, we find that connected investors receive larger allotments for the bonds from CL-recipients than non-CL-recipients, suggesting that connected investors increase their participation to mitigate CLs’ negative effect on the bond issuance. Moreover, the connected investors are financial institutions that have a prior lending relationship with the issuers. Their increase in bond purchase from the CL-recipient is subsequently rewarded by the issuer with more banking business, indicating that they have a quid pro quo relationship. We also find that connected investors’ increase in bond purchase from the CL-recipient does not lead to better ex-post bond performance, refuting the notion that connected investors’ purchase is motivated by superior private information.
【报告人简介】
张磊，加拿大Simon Fraser University（西门菲莎大学）Beedie商学院会计系助理教授，2018年毕业于加拿大University of British Columbia（不列颠哥伦比亚大学），获会计学博士学位。个人研究方向为证券监管与执法、银行货款合同、审计等，近年在Review of Accounting Studies、Journal of Financial and Quantitative Analysis、Journal of Business Finance & Accounting等高影响因子的国际期刊上发表多篇论文。目前担任CAR、FRL、JFQA等多个权威期刊的匿名审稿人。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
