【本期主题】 SeasonedEquity Offerings and Agency Problems: Evidence from a Quasi-Natural Experimentin China

We find that agency problems become more severefollowing seasoned equity offerings. We examine publicly-listed Chinese firmsover the period 2000 to 2012, which contains exogenous regulatory shocks on theeligibility of SEOs. The data reveal that during the year of SEO and thefollowing year, overinvestments increase, acquisitions yield lower shareholderreturns, director and officer compensation increases with lower sensitivity toperformance, and tunneling increases. Cross-sectional differences in SEO announcementreturns suggest that investors partially anticipate some of the post-SEOchanges. The agency costs stemming from SEOs are negatively related toownership concentration and growth opportunities, but are unrelated to higherpercentage of independent directors on the board or to closer monitoring byregulators.

【时  间】05月08日上午10:00
【地   点】明德主楼0509室

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报告人简介：

    陆瑶，清华大学经管学院金融系副教授。2009年获得美国密歇根大学-安娜堡分校罗斯商学院博士学位。她的主要研究领域为公司金融、公司治理、金融与法、以及资本市场发展与国际化。陆博士曾经在《Journalof Finance》，《Journalof Financial Economics》，《Journalof Corporate Finance》,《Asia Pacific Journal ofFinancial Studies》，《管理世界》，《金融研究》，《南开管理评论》，《投资研究》等多个国内外重要学术期刊上发表过文章，并担任《Reviewof Financial Studies》，《InternationalReview of Finance》，《Journalof Comparative Economics》，《Journalof Law, Economics and Organization》，《Accountingand Business Research》，《金融研究》，《南开管理评论》等国内外多个学术杂志的匿名评审员。她曾于2010年12月获得第五届亚洲太平洋金融市场国际会议最佳论文奖。另外，她的多篇文章被哈佛大学公司治理论坛所收录。

中国人民大学金融高端论坛组委会

商学院财务与金融系

财政金融学院应用金融系

汉青经济金融高级研究院金融系