5月24日财务金融系系列讲座之六十八

时间：2011年5月24日（周二） 14：00

地点：复旦大学管理学院史带楼503教室

主持人：孙谦教授复旦大学管理学院财务金融系主任

题目：Supply-Chain Spillover Effects and the Interdependence of Firm Financing Decisions

主讲人：　Ronald W. Masulis Scientia Professor in Finance, Australian School of Business, UNSW

摘要: We analyze spillover effects of supplier equity financing decisions to assess the importance of major trading relationships in creating interdependent valuation effects. We find supplier issuance decisions have important negative spillover effects for large customers, which are more pronounced as information asymmetry or economic dependence of suppliers and customers rises, relationship-specific investment increases, or more valuable product guarantees are offered. Furthermore, customer incentives to maintain supplier relationships are undercut by supplier equity financing decisions, leading to shorter post-issuance trading relationships and larger declines in relationship-specific investments. Our results provide strong evidence of financial and investment policy interdependence across major supply chain members.

财务金融系

2011年5月19日