时间：2026年6月10日（周三）10:30
地点：浙大管院A423会议室
主题：Comment Letters, Connected Investors, and Corporate Bond Issuance
主讲人：张磊副教授，西蒙菲莎大学比迪商学院
主持人：张惜丽副教授，WB官网
主持人简介：
RayZhang，西蒙菲莎大学（Simon Fraser University，加拿大）比迪商学院（Beedie School of Business）副教授，博士生导师。研究领域涉及公司治理、气候声誉、证券监管与执法、银行贷款合同与审计和高管个性评估等。目前已在Jourmal of Financial and Quantitative Analysis、Review of Accounting Studies、Management Science、Journal of Business Ethics、Journal of Business Finance & Accounting等国际顶级期刊发表论文十余篇。
摘要：
Using a proprietary dataset that documents corporate bond issuances in China, we find that bond regulators' comment letters (CLs) on issuers' public disclosures generally target opaque firms and reduce bond issuance success. We also find, however, that connected investors—financial institutions with prior business relationships with the issuers—purchase a relatively larger share of bond issuances from CL recipients than from non-CL recipients, and this greater participation contributes to overpricing. Further analysis shows that when connected investors support CL recipients, they are motivated by their capacity to transfer private information and benefits derived from their connections.
