{"id":6195,"date":"2019-04-10T09:01:56","date_gmt":"2019-04-10T00:01:56","guid":{"rendered":"https:\/\/www.waseda.jp\/inst\/wias\/?p=6195"},"modified":"2019-04-24T11:42:06","modified_gmt":"2019-04-24T02:42:06","slug":"__trashed-2-23","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/inst\/wias\/news-en\/2019\/04\/10\/6195\/","title":{"rendered":"Waseda Organizational and Financial Economics Seminar:  &#8220;The Effect of Stock Liquidity on Debt-Equity Choices&#8221; (April 22)"},"content":{"rendered":"<h4>Waseda Organizational and Financial Economics Seminar:<br \/>\n&#8220;The Effect of Stock Liquidity on Debt-Equity Choices&#8221; (April 22)<\/h4>\n<h5>\u8b1b\u6f14\u8005 \/ Speaker<\/h5>\n<p><a href=\"http:\/\/researchers.waseda.jp\/profile\/en.11568f36512c632d78a6eddb414c949a.html\">Cheung, Ming Yan William<\/a> \uff08Associate Professor, Waseda University\uff09<\/p>\n<ul>\n<li><u>Field of Research Interests<\/u><br \/>\nReal estate investment trust (REIT),\u00a0Corporate finance,\u00a0Market liquidity<\/li>\n<\/ul>\n<h5>\u65e5\u3000\u6642 \/ Date &amp; Time<\/h5>\n<p>Monday, 22 April 2019, 13:00 \u2013 14:30<\/p>\n<h5>\u4f1a\u3000\u5834 \/ Venue<\/h5>\n<p><a href=\"https:\/\/www.waseda.jp\/top\/en\/access\/waseda-campus\">Rm. #1111 on the 11th floor, Building #11, Waseda University<\/a><\/p>\n<h5>\u4e3b\u3000\u65e8 \/ Outline<\/h5>\n<p>&#8220;The Effect of Stock Liquidity on Debt-Equity Choices&#8221;<\/p>\n<p style=\"text-align: justify;\">We examine the effect of stock liquidity on a firm\u2019s choice between debt and equity when funding its investment activities.<br \/>\nUsing Russell index reconstitutions and two tick-size policy changes as exogenous shocks to liquidity, we show that stock liquidity increases a firm\u2019spropensity to raise debt capital.<br \/>\nWe 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\u2019 information costs and thus the firm\u2019s cost of debt capital.<br \/>\nThese findings provide new insights into the effect of stock liquidity on external financing choice.<\/p>\n<h5>\u30d7\u30ed\u30b0\u30e9\u30e0 \/ Schedule<\/h5>\n<p>13:00\uff5e13:05 Opening Remarks \uff08MIYAJIMA,\u00a0Hideaki (Advisor, WIAS \/ Professor, Waseda University)\uff09<br \/>\n13:05\uff5e14:05 Presentation<br \/>\n14:05\uff5e14:25 Question-and-answer session<br \/>\n14:25\uff5e14:30 Concluding Remarks\uff08MIYAJIMA,\u00a0Hideaki \uff09<\/p>\n<h5>\u5bfe\u3000\u8c61 \/ Prospected Audience<\/h5>\n<p>Faculty and staff members of a university, grad students, undergraduates, the general public<\/p>\n<h5>\u4e3b\u3000\u50ac \/ Organizer<\/h5>\n<p>Research Institute of Business Administration, Waseda University<br \/>\nWaseda Institute for Advanced Study, Waseda University<\/p>\n<h5>\u7533\u8fbc\u307f \/ Registration<\/h5>\n<p>Free of charge. Please come to the event venue directly.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Waseda Organizational and Financial Economics Seminar: &#8220;The Effect of Stock Liquidity on Debt-Equity Cho [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":2762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[95],"tags":[82,94,73],"class_list":["post-6195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-events-en","tag-general-en","tag-research-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/6195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/comments?post=6195"}],"version-history":[{"count":0,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/6195\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media\/2762"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media?parent=6195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/categories?post=6195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/tags?post=6195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}