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3月13日 Seminar—韩波博士
发布时间：2013-03-06
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时间：3月13日（周三）上午9点
地点：后主楼1610
题目：“Currency Denomination Decision and Cost of Capital: Evidence from Global Bonds”
Abstract
This paper studies the currency denomination choice by borrowers in the international bond market. By constructing a comprehensive sample of global bonds issued by sovereign government and agency issuers, I study whether these bonds issuers choose their issuance currency in order to exploit the borrowing-cost savings associated with deviations from uncovered and covered interest rate parity. I find strong and consistent evidence that the choice of issuance currency is sensitive to deviations from both uncovered and covered interest parity. I also find that global bonds offerings tend to proceeds beneficial depreciation in the target currency. The findings in this study support what has been a frequent conjecture in the international bond market. The policy implication of these findings is that monetary policy has great impact on the internationalization of currencies through its influence on nominal interest rates.
Key words: Currency Denomination Choice; Opportunistic Behavior; Global Bonds; Uncovered and Covered Interest Parity
Introduction of the presenter
Bo Han is a Ph.D. candidate in Finance at University of Washington. His research interests are corporate governance, international bond market, corporate hedging practice, and derivatives market. Dr. Han’s recent research paper has been published on Journal of Applied Business and Economics. He has also served as anonymous referee for several international journals.
Besides research, Dr. Han has been recognized for excellence in teaching, receiving the “Dean’s Teaching Excellence Award” at Michael G. Foster Business School of University of Washington in 2012. At University of Washington, he teaches courses in corporate finance, international finance, international business, derivatives market, and business economics.