Topic：Predictability of Corporate Bond Returns: A Comprehensive Study
Time：December 20, 2013（Friday）15:00-16：30
Venue：Room 501, Jiageng Bld 2
Presenter：Hai Lin，associate professor of finance，Victoria University of Wellington， New Zealand
Chair：Tony Ruan, assistant professor of finance, IFAS
Abstract：
Using a comprehensive data set, we _nd that corporate bond returns not only remain predictable by traditional predictors{dividend yields, default, term spreads and issuer quality{but also strongly predictable by a new predictor formed by an array of 26 macroeconomic, stock and bond predictors. Results strongly suggest that macroeconomic and stock market variables contain important information for expected corporate bond returns. The predictability of returns is of both statistical and economic significance, and is robust to different ratings and maturities.
Presenter Introduction：
Dr. Hai Lin is an associate professor of finance and post graduate coordinator at School of Economics and Finance, Victoria University of Wellington. He has taught at Xiamen University, Otago University previously and published papers on Journal of Financial Economics, Journal of Financial Markets, Journal of Financial Intermediation, Journal of Fixed Income, Journal of Banking and Finance, etc. One of his papers was awarded the 2001 Peter L. Bernstein Best Paper Award. He obtained Phd in finance from Xiamen University.
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