Announcements

CANCELLED- ACCOUNTING SEMINAR- Peter Pope

Author: CASE
Time: 11:00
Location: CASE 127

CANCELLED

KOÇ UNIVERSITY
FACULTY OF ADMINISTRATIVE SCIENCES AND ECONOMICS
ACCOUNTING  SEMINAR 

28 February  2020 –FRIDAY

CASE 127 -11:00

**************************************************************

Speaker : Professor Peter Pope - Bocconi University

Title       : Broker-hosted credit investor conferences: Evidence from  the corporate bond market

Time       : 11:00-12:30

Place      : CASE 127

Date       : 28 February 2020 -FRIDAY

Abstract: We investigate the information role of broker-hosted credit conferences in the corporate bond market. Compared to equity conferences, credit conferences emphasize different topics relevant to credit markets. We find that firms with a greater probability of financial distress, more public debt, and shorter bond maturity are more likely to attend credit conferences. Consistent with credit conferences informing bond investors, we find bond market reaction to credit conferences is greater than for non-credit conferences. Bond market reaction to credit conferences is higher for shorter maturity speculative grade bonds. Consistent with credit conferences mitigating information asymmetry, firms attending credit conferences subsequently experience reductions in the cost of debt. Finally, institutional ownership of bonds increases after credit conferences, mainly attributable to mutual fund investors. None of these results hold for non-credit conferences.

 

Short Bio: Peter F. Pope is Professor of Accounting at Università Bocconi, Milan, Italy; and Emeritus Professor of Accounting at the London School of Economics and Political Science. His research focuses on capital markets and international equity valuation, with particular reference to the role of fundamentals in pricing and the analysis of securities risk. He has published extensively in leading journals including The Journal of Finance, Journal of Banking and Finance, The Accounting Review, Journal of Accounting Research, Review of Accounting Studies and Contemporary Accounting Research. He has served as the Academic Coordinator of the Institute of Quantitative Investment Research since 1991 and is a consultant to the investment management industry. He holds PhD and MA degrees awarded by Lancaster University and a BSc from Liverpool University; he is also a qualified accountant (FCMA).