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QIAN Yiming | 第203期双周学术论坛

作者:     日期:2017-06-19    来源:

  一、主题:Mutual Fund Investments in Private Firms

  二、主讲人:QIAN Yiming,美国爱荷华大学Tripple College of Business金融系副教授(终身)。她在纽约大学Stern商学院获得金融学博士学位,Fordham大学获得经济学硕士学位,南开大学获得经济学本科学位。她的研究领域为公司金融与金融市场。其学术论文曾发表于许多国际顶尖学术期刊,包括Review of Financial Studies, Management Science, Journal of Financial and Quantitative Analysis, Review of Finance, Journal of Corporate Finance等。

  三、时间:2017年6月23日(周五),13:00-14:00

  四、地点:学院南路校区主教学楼910会议室

  五、主持人:顾弦,中央财经大学金融学院讲师

  Abstract: Historically a key advantage of being a public firm was broader access to capital, from a disperse group of shareholders. In recent years such capital has increasingly become available to private firms as well. We document a dramatic increase over the past twenty years in the number of mutual funds participating in private markets and in the dollar value of these private firm investments. Consistent with the greater availability of capital changing the trade-off between private and public listing status, we find that mutual fund investments enable companies to stay private an average one to two years longer. Back-of-the-envelope calculations suggest that mutual funds’returns on these investments are both economically meaningful and beneficial as a source of diversification relative to publicly traded firms.