保险与金融工程教研室学术讲座

报告题目：Creating Value by Diluting Managerial Ownership

报  告 人：Deniz OKAT（香港科技大学商学院 助理教授）

主  持 人：Christian Hilpert（中山大学岭南学院 副教授）

时      间：2024年4月19日（周五）10:00

地      址：岭南堂黄炳礼会议室(203)

语      言：英文

讲座介绍:

Owner-managers of competing firms benefit when they jointly commit to reducing efforts by lowering their stakes in their respective firms. Convertible debt helps to sustain such cooperation. By issuing debt that is convertible into equity, the owner of a firm can commit to reducing her stake only if her rival does the same. Empirical evidence strongly supports this theory: firms are more likely to issue convertible debt when they face more antitrust scrutiny or when the possibility of a rival entry is high. Furthermore, this effect is located typically where our theory predicts, i.e., when the firm is privately-held, young, or in a high-tech industry.

报告人介绍：

Deniz OKAT is an Assistant Professor at the Hong Kong University of Science and Technology (HKUST). He graduated from Aalto University Business School in Finland with a PhD in finance. Research interests include banking, financial innovation, information economics and political economy. Papers have been published in journals such as the Journal of Economic Theory, Management Science, and RAND Journal of Economics.

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