德勤-复旦会计论坛系列讲座之七十二

时间:2014年12月16日(周二)下午13:30

地点:史带楼504室

主持人: 陈 超 教授

演讲嘉宾:Wei-Ling Song  (Louisiana State University)

Title Do Institutional Investors Know Banks Better? Evidence from Institutional Trading Surrounding the 2008 Financial Crisis

AbstractThe economic damage caused by the 2008 financial crisis is unprecedented. It caught many market participants by surprise. It also raises the question: what is the role of institutional investors in the banking industry? In this paper, we investigate this under-researched area and provide evidence that grey institutions (i.e. banks and insurance companies) have more information about banks’ risk exposure to securitization than do independent institutions (e.g.investment companies and public pension funds) as they shy away from banks that issuing riskier securitization deals before the crisis. We also find that the trading of grey institutions before the crisis can predict high-exposure banks’ abnormal returns around the Lehman Bankruptcy and is related to such banks’ operating performance during the crisis period.

 

会计学系

2014-12-10