西南财经大学金融研究院
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克莱蒙特麦肯纳学院Mitch Warachka教授
2016-11-03 11:55
金融研究院2015暑期国际学术研讨会之十六
 
西南财经大学金融研究院(Institute of Financial Studies, SWUFE)邀请著名学者克莱蒙特麦肯纳学院(Claremont McKenna College)教授Mitch Warachka来我校进行学术交流, 其间将在金融研究院202会议室进行学术演讲。诚邀广大师生参加!
 
讲座具体介绍如下:
 
主题:Investment in a Smaller World
主讲人:克莱蒙特麦肯纳学院Mitch Warachka教授
时间:2015年8月5日(星期三)上午10:30-12:00
地点:金融研究院202会议室(光华校区北三门篮球场旁)
 
主办单位:金融研究院、科研处
 
 
主讲人简介:
Mitch Warachka教授是克莱蒙特麦肯纳学院副教授。2009至2012他在新加坡管理大学作为副教授任教。他于2000年获得康奈尔大学金融学博士学位。Mitch Warachka教授的研究领域是资产定价、公司治理和衍生品。Mitch Warachka教授已在Journal of Financial Econometrics、Journal of Financial Economics等国际期刊上发表多篇学术论文。
有关Mitch Warachka教授的个人简历等具体介绍请见: https://www.cmc.edu/academic/faculty/profile/mwarachka
 
 
论文摘要:
Air travel has made the world smaller. We find that institutional investors allocate a larger fraction of their portfolios to firms headquartered at destinations with greater air traffic from their location. In particular, air travel mitigates local investment biases. Air travel also facilitates corporate mergers and acquisitions involving distant firms. Furthermore, an increase in the number of airline passengers flying to a destination is associated with nearby firms having a more geographically disperse investor base and a lower cost of equity (Merton, 1987). These conclusions are confirmed by exogenous route initiations and cancelations induced by the opening of air hubs. Overall, air travel improves the diversification of investor portfolios while lowering the cost of equity for firms.
 
 
 
联系人:叶丹,张博怀
电话:87099046,87099047
 
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