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北洋金融管理講壇

信息溢出與公司政策：以上市期權(quán)為例

Information Spillover and Corporate Policies: the Case of Listed Options

講座時間:2020年12月9日（周三）15:00

ZOOM會議ID：93209397124（密碼：183846）

主講人：胡劍鋒

主講人介紹:

胡劍鋒，新加坡管理大學李光前商學院金融學助理教授，美國紐約市立大學巴魯克學院金融學博士。胡教授主要研究領域為資產(chǎn)定價與資本市場、金融創(chuàng)新與金融科技、固定收益及衍生品。其研究成果發(fā)表于

Jianfeng Hu is an Assistant Professor of Finance in Lee Kong Chian School of Business at Singapore Management University. His research interests include financial innovation, informed trading, derivatives, and market microstructure. His research papers have been published in the Journal of Financial Economics, Management Science, and Review of Finance, and featured in the Wall Street Journal, Bloomberg, and CNBC. His recent research has been presented in various international academic conferences and won several best-paper awards such as the first place of CQAsia academic competition. Jianfeng obtained his PhD in finance from Baruch College, the City University of New York. Prior to the academic life, he was a fixed income derivative analyst at Credit Suisse.

講座內(nèi)容：

為了研究信息沖擊對一系列公司決策的影響，我們使用期權(quán)可用性的外生變化作為工具。經(jīng)過研究結(jié)果顯示，期權(quán)引入對涉及資產(chǎn)負債表雙方的公司政策具有因果影響。在更大程度上創(chuàng)新和提高信息的質(zhì)量和效果。它還減少了使用支出和債務來應對機構(gòu)和信息摩擦的需要。我們進一步進行了兩個獨立的實驗，表明我們的儀器的影響不是通過其他渠道。總體來說，期權(quán)有效性對企業(yè)具有正向的信息溢出效應，在企業(yè)決策方面，期權(quán)可得性并不是一種附帶的表現(xiàn)。

To examine the impact of shocks to information on an array of corporate decisions we use exogenous variations in options availability as an instrument. Our results indicate that option introductions have causal impact on corporate policies concerning both sides of the balance sheet. The improved information quality results in greater investment and more and better innovation. It also reduces the need to use payout and debt in response to agency and information frictions. We further conduct two independent experiments showing that the impact of our instrument is not through alternative channels. Overall, options availability has a positive information spillover effect on firms and they are not a side show when it comes to corporate decisions.