2020年6月23日学术报告通知

发布时间:2020-06-22

【报告主题Informed Lenders in the Shorting Market

主讲嘉宾弗吉尼亚理工大学  叶鹏飞老师

报告时间2020年6月23日(星期二)9:00

【参与方式】ZOOM

【嘉宾简介】Dr.Ye is an assistant  professor at Pamplin College of Business. He received his Ph.D. from the University of Wisconsin-Milwaukee. Dr.Ye's research focuses primarily on issues in managerial labor market and incentives,M&A. Dr.Ye has published extensively in top finance journals,including JFE,JFQA. He  is currently conducting research on institutional investors and firm innovation.

【内容提要】This paper examines the equity loan supply for short-selling. Using detailed stock lending data,  we show that active equity funds, on average, are informed stock lenders. The stocks they lend  outperform those that they do not. The stocks they recall and sell perform worse in the future than  those that remain on loan. These funds avoid lending stocks when lending fees are extremely high and seem to use the shorting market’s signals to form stock-selling decisions. Our findings help  explain why institutional investors lend stocks. They also highlight a new source of short-sale  constraints arising from the informed loan supply.