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3月14日 Seminar – 杨甜娜博士
发布时间：2012-03-12
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主题：Why do Closed-end Funds Engage in Open-market Repurchases?
主持人：经济与工商管理学院金融系主任胡海峰教授
主讲人：杨甜娜博士
时间：2012年3月14日下午2:30-4:00
地点：北师大后主楼1610
Abstract
With special institutional characteristics and regulatory requirements, what factors can motivate UK closed-end funds to engage in open-market repurchases? Investigating repurchase transactions on financial-year basis, I find that funds repurchase shares to reduce discounts and to increase the net asset value per share, as the directors’ claim, but not to increase fund liquidity. I also find that funds repurchase shares to increase leverage ratios. Unlike conventional firms, neither distributing excess cash nor substituting dividend payouts promote fund repurchases.
Fund size has a negative effect on repurchase decision. Examining the first repurchase transactions following the stock-market listing of funds, I find that a closed-end fund with a higher discount, a lower net asset value return, a more liquid secondary market for its stock and a smaller fund size is more likely to make a repurchase transaction.
Introduction of the presenter
杨甜娜，英国曼彻斯特大学商学院金融学博士
主要研究方向为公司金融，公司治理，衍生金融工具，金融市场等。
博士期间的几篇论文均已被美国金融管理年会，欧洲金融管理年会等高水平国际学术会议收录并演讲。其中代表性的几篇论文有望在Journal of Banking and Finance, European Financial Management, Financial Management (USA) 等国际著名期刊上发表。