演讲主题：Prime (Information) Brokerage

主 讲 人：唐岳华  University  of  Florida, Warrington  College  of  Business

时    间：2018年6月28日（星期四）15:30-17:00

地    点：文泉楼106教室

演讲摘要：his paper documents that hedge funds gain an information advantage from their prime brokerage services-providing banks regarding the banks’ corporate clients. We find that hedge funds make informed trades in the stocks of firms that obtain loans from their prime-broker banks. The connected hedge funds make abnormally large trades prior to the loan announcement and these trades display superior performance compared to other trades. The outperformance is greater for (i) trades of connected hedge funds that have higher revenue generation potential for prime brokers and (ii) trades in borrowing firms with higher information asymmetry. Finally, we find that the information edge connected hedge funds have is about the borrowing firm in general, rather than purely about the loan.

演讲者简介：唐岳华，University of Florida 助理教授。在Journal of Finance, Journal of Financial Economics等顶尖杂志发表论文多篇。