Waseda Institute for Advanced Study (WIAS)早稲田大学 高等研究所

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Waseda Organizational and Financial Economics Seminar: “The Effect of Stock Liquidity on Debt-Equity Choices” (April 22)

Waseda Organizational and Financial Economics Seminar:
“The Effect of Stock Liquidity on Debt-Equity Choices” (April 22)

講演者 / Speaker

Cheung, Ming Yan William (Associate Professor, Waseda University)

  • Field of Research Interests
    Real estate investment trust (REIT), Corporate finance, Market liquidity
日 時 / Date & Time

Monday, 22 April 2019, 13:00 – 14:30

会 場 / Venue

Rm. #1111 on the 11th floor, Building #11, Waseda University

主 旨 / Outline

“The Effect of Stock Liquidity on Debt-Equity Choices”

We examine the effect of stock liquidity on a firm’s choice between debt and equity when funding its investment activities.
Using Russell index reconstitutions and two tick-size policy changes as exogenous shocks to liquidity, we show that stock liquidity increases a firm’spropensity to raise debt capital.
We also find support for a major economic mechanism underlying the positive impact of stock liquidity on debt financing: information produced by increased liquidity leads to a reduction of residual uncertainty, which lowers creditors’ information costs and thus the firm’s cost of debt capital.
These findings provide new insights into the effect of stock liquidity on external financing choice.

プログラム / Schedule

13:00~13:05 Opening Remarks (MIYAJIMA, Hideaki (Advisor, WIAS / Professor, Waseda University))
13:05~14:05 Presentation
14:05~14:25 Question-and-answer session
14:25~14:30 Concluding Remarks(MIYAJIMA, Hideaki )

対 象 / Prospected Audience

Faculty and staff members of a university, grad students, undergraduates, the general public

主 催 / Organizer

Research Institute of Business Administration, Waseda University
Waseda Institute for Advanced Study, Waseda University

申込み / Registration

Free of charge. Please come to the event venue directly.

Dates
  • 0422

    MON
    2019

Place

Rm. #1111 on the 11th floor, Building #11, Waseda University

Tags
Posted

Wed, 10 Apr 2019

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