报告题目:Can a Minor Regulatory Intervention Lower Corporate Borrowing Costs?
报告人:谭晖
报告时间:2025年1月3日(周五)13:30-15:00
报告地点:#腾讯会议:370-696-460
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】
Institutional investors repeatedly express concern about the substantial information processing costs in the primary corporate bond market. This study sheds light on this issue by exploring the impact of a decrease in information processing costs on corporate bond borrowing costs. Specifically, the U.S. Securities and Exchange Commission’s 2017 Exhibit Hyperlink rule mandates the inclusion of hyperlinks to exhibits in registration statements, facilitating easier access to relevant information and reducing information processing costs for investors. Leveraging variations in this mandate across firm size and time in the corporate bond market, I find that hyperlink inclusion leads to a reduction in corporate bond yields in the primary market. Further evidence reveals that this effect is more pronounced when information processing costs are higher. In summary, this study shows that a minor regulatory intervention designed to alleviate information processing costs can significantly reduce bond borrowing costs.
【报告人简介】
谭晖,法国ESSEC商学院会计系博士生,博士期间曾在伦敦政治经济学院交流。研究方向为信贷市场和上市公司信息披露。
【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。