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[Seminar] 財金系 10/27 (五) 上午 10:30 邀請中央大學的沈信漢教授演講
活動起日:2017-10-27 
發佈日期:2017-10-18 
瀏覽數:202  2017-10-18 更新

各位同學好,

 

本系擬於 10/27 () 邀請中央大學的沈信漢教授至本所進行專題演講,相關訊息如下:

 

【演講訊息】

時間: 10/27 () 10:30-12:00

地點: 管理學院一號館 405 教室

講者: 沈信漢教授

講題: CEO Inside Debt and Convertible Bonds

Abstract:
The question of whether convertible bonds are issued to combat the risk-shifting problem is a subject of debate in the literature, primarily because of the unavailability of clear measures for managerial risk-shifting incentives. Taking advantage of recently developed inside debt-holding measures for CEOs, we report strong evidence in support of the risk-shifting hypothesis. When a CEO holds a large amount of inside debt, three distinct patterns emerge: (i) a firm exhibits a lower ratio of outstanding convertibles to total debt; (ii) a firm is less likely to issue convertibles than straight debt; and (iii) a firm devises contract terms to decrease the chance of conversion when it issues convertibles.