Information Asymmetry, Mispricing and Security Issuance

时间:2022-04-28         阅读:

光华讲坛——社会名流与企业家论坛第6106期

主题Information Asymmetry, Mispricing and Security Issuance

主讲人Jiyoon Lee 延世大学

主持人澳门沙龙赌场金融研究院 牛子龙副教授

时间2022年6月10日下午2:00—3:30

地点腾讯会议https://meeting.tencent.com/dm/e03GbNSNO9Z0

主办单位:金融研究院 科研处

主讲人简介:

Jiyoon Lee教授于2020年第二学期加入延世大学。Lee曾在延世大学获得工商管理学士和硕士学位,并在伊利诺伊大学厄巴纳-香槟分校获得金融学博士学位。在来到延世大学之前,她在乔治华盛顿大学担任助理教授五年。她的研究兴趣包括公司金融、ESG、董事会和研发资本化。

Professor Jiyoon Lee of Finance has joined the YSB faculty as of the second semester of 2020. Lee received her Ph.D. in Finance from the University of Illinois Urbana-Champaign after receiving her bachelor's and master's degrees in Business Administration at Yonsei University. Before her appointment at YSB, she was an assistant professor at George Washington University for five years. Her research interests include Corporate finance, ESG, Board of directors, and R&D capitalization.

内容提要:

我研究了信息不对称驱动的错误定价对证券发行的影响。 使用披露前购买义务的变化作为信息不对称驱动的错误定价的代理,我发现当经理们基于他们的优势信息认为他们的公司被低估(高估)时,他们会避免(更喜欢)发行证券。 信息不对称驱动的错误定价对股票发行的影响要强于债券发行。 因此,低估(高估)会导致财务杠杆的增加(减少)。 这些影响在信息不对称程度较大的公司中更为明显。 经理们遵循的股票交易和期权行使模式表明,他们感知到的错误定价是私人和公司层面决策的重要决定因素。

I examine the effects of information asymmetry-driven mispricing on security issuance. Employing pre-disclosure changes in purchase obligations as a proxy for information asymmetry-driven mispricing, I find that managers avoid (prefer) issuing securities when they perceive their firms to be undervalued (overvalued) based on their superior information. The effects of information asymmetry-driven mispricing are stronger on equity issuance than debt issuance. Consequently, undervaluation (overvaluation) causes an increase (decrease) in financial leverage. These effects are more pronounced among firms with greater information asymmetry. The stock-trading and option-exercise patterns that managers follow suggest that their perceived mispricing is an important determinant in both private and firm-level decisions.