一、主題：What are the Actual Effects of Cash Holdings? Evidence from the Mutual Fund Industry

二、主講人：Vikas Agarwal， 佐治亞州立大學Robinson商學院H. Talmage Dobbs金融學講席教授。英國倫敦商學院金融學博士畢業。主要研究領域包括資産定價與投資、投資組合管理、機構投資者、對沖和公募基金，以及資本市場。曾在Journal of Finance、Journal of Financial Economics、Review of Financial Studies、Journal of Financial and Quantitative Analysis、Management Science等國外金融界高水平期刊發表論文十多篇。

三、時間：2017年6月12日（周一），12:00-13:00

四、地點：學院南路校區主教學樓910會議室

五、主持人：朱一峰，bevictor伟德官网講師

Abstract: We uncover the unintended consequences of cash holdings in the form of adverse selection that can negatively affect the liquidity of the stocks held by funds with more cash. Facing investor redemptions, sales by these funds are more likely to be perceived as information based (i.e., due to poor asset quality) instead of funding liquidity needs, which exacerbates the adverse selection problem. An exogenous change to the information environment and placebo test using index funds help identify the adverse selection channel behind the relation between cash holdings and stock liquidity. We account for funds’ choice of cash to provide a causal interpretation of this relation structure.