【讲座时间】2024年12月24日14:00
【讲座地点】会计学院108室
【讲座主题】Understanding Stock Price Behavior around External Financing
【嘉宾介绍】曹敏，北科罗拉多大学大学会计学助理教授
Dr.Caois an Assistant Professor of Accounting at the University of NorthernColorado. Dr. Cao earned her Ph.D.in Accounting from Carnegie MellonUniversity. Dr.Cao teaches undergraduate and MBA courses, includingIntroduction to Financial Accounting, Introduction to ManagerialAccounting,and Accounting Analytics.
Dr.Cao has broad research interests in accounting and interdisciplinaryareas. Her research areas include external financing, insider trading, accountinginformation relevance, and small business lending. Her papers have beenpublished in Accounting Horizon, Annals of Operations Research, Journalof Accounting, Auditing and Finance, Review of Quantitative Finance andAccounting, etc.
【内容提要】
The negative association between pre-financing price run-ups and post-financingprice drift-downs is well documented in the literature. We find that firms experiencingpre-financing run-ups and firms experiencing post-financing long-termunderperformance may not always be the same firms. The firms with high levels ofcash flows experience pre-financing price run-ups but do not suffer post-financingprice drift-downs. On the other hand, firms with low cash flow levels do not havepre-financing price run-ups but experience post-financing long-termunderperformance even after controlling for various well-documented anomalies.Profitability analyses around external financing suggest that high-cash-flow firms’pre-financing price runups could be driven by their robust profitability, whereaslow-cash-flow firms’post-financing underperformance might be attributable to theirlosses.
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