一、主题：Private Information Dissemination in the Secondary Loan Market
二、主讲人：邵裴，加拿大约克大学金融学博士，现为加拿大莱斯布里奇大学副教授，注册金融分析师。研究领域为银团贷款市场、金融中介机构、公司社会责任，基金，公司金融，IPO， 公司兼并收购等。在Review of Financial Studies, Contemporary Accounting Review, Journal of Banking and Finance, Journal of Money, Credit and Banking，Review of Finance等国际期刊发表论文10余篇。曾多次获得加拿大人文社科研究委员会的专项研究经费，美国联邦保险公司研究奖励，莱斯布里奇大学专项研究奖励等。
三、时间&地点：2020年11月27日10:00-12:00；腾讯会议【910 404 516】
四、主持人：吴锴，金融工程系助理教授
五、内容简介
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.