一、主题：Investordiversity and liquidity in the secondary loan market
二、主讲人：邵裴，加拿大约克大学金融学博士，现为加拿大莱斯布里奇大学副教授，金融分析师。研究领域为银团贷款市场、金融中介机构、公司金融、IPO、机构投资者、公司兼并收购等。在Review of Financial Studies, ContemporaryAccounting Review, Journal of Banking and Finance, Journal of Money, Credit andBanking，Review of Finance等国际期刊发表论文10余篇。曾多次获得加拿大人文社科研究委员会的专项研究经费，美国联邦保险公司研究奖励，莱斯布里奇大学专项研究奖励等。
Abstract: We findstrong supporting evidence that investor diversity is beneficial to loanliquidity: Loans held by more diverse syndicates as measured by the number ofinvestor types or the concentration of investor-types’ loan shares have lowerbid-ask spreads in the secondary market. These results are robust, and do notappear to be driven by investors’ borrowers/loan selection, including reversecausality. Further, our results are not driven by any single set of investors.While an increase in the number of both hedge funds and pension funds in a loansyndicate lowers the loan’s bid-ask spread, an increase in the number of bothbanks and insurance companies has the opposite effect. The differential impactof these investors add support to the idea that diversity among investors playsan important role in the liquidity of loans in the secondary market.