一、主題：Private Information Dissemination in the Secondary Loan Market
二、主講人：邵裴，加拿大約克大學金融學博士，現為加拿大萊斯布裡奇大學副教授，注冊金融分析師。研究領域為銀團貸款市場、金融中介機構、公司社會責任，基金，公司金融，IPO， 公司兼并收購等。在Review of Financial Studies, Contemporary Accounting Review, Journal of Banking and Finance, Journal of Money, Credit and Banking，Review of Finance等國際期刊發表論文10餘篇。曾多次獲得加拿大人文社科研究委員會的專項研究經費，美國聯邦保險公司研究獎勵，萊斯布裡奇大學專項研究獎勵等。
三、時間&地點：2020年11月27日10:00-12:00；騰訊會議【910 404 516】
四、主持人：吳锴，金融工程系助理教授
五、内容簡介
Abstract：We consider loans being marked to market to constitute information about borrowing firms’ profitability and risk only immediately available to large institutional traders, so-called qualified institutional buyers (QIBs). Smaller investors, so-called non-QIBs, do not have immediate access to such information because they are not qualified to enter the secondary loan market. We investigate the effect of privileged information releases first on stock bid-ask spreads, then on the abnormal returns QIBs earn by trading borrowing firms’ stock. We show QIBs to actively trade on information in the equity market, elevating the level of information asymmetry while earning significant returns. Our paper reveals private information dissemination in the secondary loan market to affect the stock market information environment and yield benefits to large insiders with priority access to important information about the quality of borrowing firms.