题 目：Does Corporate Hedging Affect Firm Value? Evidence from the IPO Market
报告人：夏崇武 助理教授
主持人：张国清 教授
时 间：2018年11月27日（星期二），15:00-17:30
地 点：嘉庚二203室
论文摘要：Focusing on the IPO market, we examine the influence of corporate hedging on firm value. Consistent with the argument that corporate hedging reduces information asymmetry, we find that hedging IPO firms are associated with lower price revisions and underwriting fees. More importantly, corporate hedging reduces IPO underpricing, especially for informationally opaque firms. This provides strong evidence that hedging increases firm value during the issuing process. We also show that corporate hedging lowers aftermarket idiosyncratic volatility, enhances aftermarket liquidity, and improves long-term performance of IPO firms. We use both an instrumental variable approach and a regulation change on derivatives supply to address the endogeneity concerns.