一、主題：Investordiversity and liquidity 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，金融分析師。研究領域為銀團貸款市場、金融中介機構、公司金融、IPO、機構投資者、公司兼并收購等。在Review of Financial Studies, ContemporaryAccounting Review, Journal of Banking and Finance, Journal of Money, Credit andBanking，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：2019年3月25日（周一），中午13:00-14:00

四、地點：bevictor伟德官网沙河校區丁香園1号樓301會議室

五、主持人：吳锴，bevictor伟德官网講師  

Abstract: We findstrong supporting evidence that investor diversity is beneficial to loanliquidity: Loans held by more diverse syndicates as measured by the number ofinvestor types or the concentration of investor-types’ loan shares have lowerbid-ask spreads in the secondary market. These results are robust, and do notappear to be driven by investors’ borrowers/loan selection, including reversecausality. Further, our results are not driven by any single set of investors.While an increase in the number of both hedge funds and pension funds in a loansyndicate lowers the loan’s bid-ask spread, an increase in the number of bothbanks and insurance companies has the opposite effect. The differential impactof these investors add support to the idea that diversity among investors playsan important role in the liquidity of loans in the secondary market.