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中山大学岭南学院|金融学系列学术论坛(1)

2017年11月22日10:45     智库商学院     阅读量:489

日期: 2017年11月24日 (星期五) 14:30-16:00

地址:岭南堂黄炳礼会议室

状态:已结束

  报告题目:Investment and financing for cash flow discounted with group diversity

  报 告 人:杨招军(南方科技大学,金融系副教授、副系主任)

  时 间:2017年11月24日(周五)下午2:30-4:00

  地 点:岭南堂黄炳礼会议室

  语 言:英文+中文

  摘要:

  We consider a firm's investment and financing decisions made by a group in which every individual may utilize different discount rates to price contingent claims. We provide the closed-form prices for the firm's securities and the pricing and timing of the option to invest. We study the impacts of the decreasing impatience and group diversity on the investment and financial policies. We find that a higher degree of decreasing impatience or a greater group diversity increases the project value, accelerating investment and postponing default. The value of the investment option increases with the degree of the decreasing impatience but it is ambiguous as group diversity rises. The optimal leverage increases with the decreasing impatience and lessens if group diversity reduces. The inefficiency from asset substitution increases with the decreasing impatience but it first increases and then decreases as group diversity gets weaker. These findings are partly documented by empirical evidences.

  报告人简介:

  杨招军2016年4月全职加入南方科技大学,现为金融系副教授、副系主任、博士生导师,深圳市鹏城学者长期特聘教授(金融学)、深圳市高层次人才。曾为湖南大学三级教授、博士生导师,国家重点学科学术带头人之一,国家自然科学基金创新群体主要成员。曾获湖南省优秀博士论文指导老师、湖南省优秀硕士论文指导老师、湖南大学科研标兵等荣誉。在国际知名SSCI源刊发表大量论文,研究方向为金融工程、金融理论、科技金融。现担任Cogent Economics and Finance等杂志编委。

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