【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.Cao is an Assistant Professor of Accounting at the University of Northern Colorado. Dr. Cao earned her Ph.D.in Accounting from Carnegie Mellon University. Dr.Cao teaches undergraduate and MBA courses, including Introduction to Financial Accounting, Introduction to Managerial Accounting,and Accounting Analytics.
Dr. Cao has broad research interests in accounting and interdisciplinary areas. Her research areas include external financing, insider trading, accounting information relevance, and small business lending. Her papers have been published in Accounting Horizon, Annals of Operations Research, Journal of Accounting, Auditing and Finance, Review of Quantitative Finance and Accounting, etc.
【内容提要】
The negative association between pre-financing price run-ups and post-financing price drift-downs is well documented in the literature. We find that firms experiencing pre-financing run-ups and firms experiencing post-financing long-term underperformance may not always be the same firms. The firms with high levels of cash flows experience pre-financing price run-ups but do not suffer post-financing price drift-downs. On the other hand, firms with low cash flow levels do not have pre-financing price run-ups but experience post-financing long-term underperformance 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, whereas low-cash-flow firms’post-financing underperformance might be attributable to their losses.
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