喻园管理论坛2021年第93期(总第750期)

演讲主题: Do Demand Curves for Corporate Bonds Slope Down?

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，管理学院财务金融系讲师

活动时间: 2021年12月1日（周三）上午10:00-11:30

活动地点: 腾讯会议，会议ID: 235 136 978

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 study the previously unexplored seasoned “tack-on” bond offerings, where both pre- and post-offering secondary market prices are readily observable. The prices of these bonds drop significantly on the announcement dates and do not fully recover to pre-offer levels, especially for bonds at the lower end of the investment-grade spectrum. We detect no adverse price effect for the equity or other bonds of the issuing firm, indicating that the permanent price drop is not attributed to unfavorable information about the offerings. Our findings suggest that supply shocks affect pricing due to a downward sloping demand curve for individual bonds.