财务与金融系学术讲座系列2022年第12讲

主 题：Market Feedback: Evidence from the Horse’s Mouth

主讲人: Liyan Yang (多伦多大学管理学院讲席教授)

协调人: 任泓霖，许年行

时 间：2022-06-07 10:00

地 点：线上会议室

语 言：英文

讲座摘要:

We surveyed 3,626 Chinese public firms to examine the real effects of financial markets. More than 90% of firms reported that they closely monitor the stock market for the purposes of learning information to guide real investment decisions and of accessing external financing. These findings provide direct evidence for the wide existence of market feedback via a learning channel and a financing channel. Firms are more likely to monitor their stock prices for the learning purpose when their stocks have higher analyst coverage, their managers are less informed, and market traders are more informed. Firms are more likely to monitor prices for the financing purpose when they are more financially constrained and when they have greater capital needs. We also show what firms do is highly consistent with what they report in our survey by exploring their actions on trading suspensions, real investments, equity financing, and price informativeness. Overall, our analysis suggests that financial markets are not only a side show, but instead, do affect the real economy.

主讲人简介:

Liyan Yang is a Professor of Finance, PhD Area Coordinator of Finance Area and Peter L. Mitchelson/SIT Investment Associates Foundation Chair in Investment Strategy at the Rotman School of Management, University of Toronto. His research interests are in financial markets, asset pricing, and behavioral finance. He received PhD in economics from Cornell University in 2010. He is currently serving as an associate editor at Journal of Economic Theory, Journal of Finance, Journal of Financial Markets, Journal of Economic Dynamics and Control, and Management Science. His research has appeared in Journal of Economic Theory, Journal of Financial Economics, Journal of Finance, and Review of Financial Studies, etc. Yang has received the 2016 JFQA William F. Sharpe Award for Scholarship in Financial Research, the 2016 Bank of Canada’s Governor’s Award, and the 2015 Roger Martin Award for Excellence in Research, among others.

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