题目：Water as an Investment: Liquid yet Illiquid!
时间：2014年3月14日（周五）15:00-16：30
地点：嘉庚二号楼501教室
报告人：Bin Li，lecturer in finance, Griffith University, Australia
主持人：Teng Lin, assistant professor of accounting, IFAS
论文摘要：
We provide evidence on the impact of asset-in-place risk on returns in the context of the global water industry. This industry is heavily infrastructure-based and capital intensive. It is in great need of further large investments to address existing severe water shortages worldwide. We conduct panel regression analyses based on the Fama-French three-factor model that is augmented with an asset liquidity factor using all the 76 firms that comprise the five major water indices. Our results suggest that asset illiquidity is positively associated with stock returns. The association remains significant after controlling for beta, size, and book-to-market ratio. Specifically, water firms with a larger proportion of illiquid assets-in-place are observed to have greater stock returns than those with a smaller proportion of illiquid assets. This indicates that the asset liquidity factor captures additional information about water stock returns that is not represented by other variables.
报告人简介：
Dr Bin Li is a lecturer in finance at the Department of Accounting, Finance and Economics, Griffith University, Brisbane, Australia. Currently, he teaches corporate finance and corporate financial risk management at the postgraduate level.
His research is in the areas of empirical asset pricing, investments and portfolio management, applied financial econometrics, market efficiency, and volatility models. Dr Li has made many presentations in academic conferences and has published 31 articles in international peer-reviewed journals such as the Journal of Banking & Finance, the Journal of Business Research, the Australian Journal of Management, Applied Energy, the Journal of the Asia Pacific Economy, Review of Pacific Basin Financial Markets and Policies, Applied Economics Letters, and JASSA – The FINSIA Journal of Applied Finance.
Dr Li received a Ph.D. in finance from the University of Queensland, a Master’s degree in financial management from the University of Queensland, a Master’s degree in accounting from Bond University, and a bachelor's degree in electrical engineering from Zhejiang University, China.
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