講座：Real Effects of Financial Innovations: Evidence from Option Listing
題 目：Real Effects of Financial Innovations: Evidence from Option Listing
嘉 賓：Jianfeng Hu, Assistant Professor, Department of Finance, Singapore Management University
主持人：張 然 助理教授 上海交通大學安泰經濟與管理學院金融系
Exploiting exogenous variation in options availability we find that options affect both financial and investment policies of underlying firms. Specifically, options reduce financial leverage of underlying firms. Those firms are more likely to use equity than debt to fund financing deficits, issue more equity, and reduce payout. The same firms also invest more, innovate more, and invest more efficiently. We also identify the potential channel for the real effects through more private information revealed in the market and improved corporate governance. Options markets are not a side show even for market participants that do not directly trade options.
Jianfeng Hu is an Assistant Professor of Finance in Lee Kong Chian School of Business at Singapore Management University. His research interests include financial innovation, informed trading, derivatives, and market microstructure. His research papers have been published in the Journal of Financial Economics, Management Science, Review of Finance, and the Journal of Derivatives, and featured in the Wall Street Journal, Bloomberg, and CNBC. His recent research has been presented in various international academic conferences and won several best-paper awards such as the first place of CQAsia academic competition. Jianfeng obtained his PhD in finance from Baruch College, the City University of New York. Prior to the academic life, he was a fixed income derivative analyst at Credit Suisse.