题目：Corporate Financing Decisions under Ambiguity
主讲人：Elettra Agliardi教授（University of Bologna）
时间：2015年6月3日(周三) 下午4:00-5:30
地点：主楼429
主讲人简介：
    Elettra Agliardi is Full Professor at the Department of Economics, University of Bologna (Italy). She obtained an M.Phil and a PhD in Economics at the University of Cambridge (UK) and a PhD (with special mention and Obiettivo Europa Prize) at the European University Institute. Previously, she taught at the University of Cambridge (UK) as a Title A College Lecturer. She was Director of the PhD Program in Economics, University of Bologna, 2001-2003, and Director of the Master Degree in Economics and Market Policy, University of Bologna, 2008-2012. Senior Fellow of the Rimini Centre for Economic Analysis, she is currently associate editor of the Review of Economic Analysis, International Journal of Financial Studies and Economic Notes. She published various monographs and articles in top journals. Her recent research area deals with corporate finance, real options and evaluation methods, environmental economics, where she published extensively in international journals.
内容简介：
    This paper addresses the following unresolved questions: Why do some firms issue equity instead of debt? Why did most firms retain their cash holdings instead of distributing them as dividends in recent times? How do firms change their financing policies during a period of severe financial constraints and ambiguity, or when facing the threat of an unpredictable financial crisis? We analyze how the values of the firm’s equity and debt are affected by ambiguity. We also show that cash holdings are retained longer if the investors’ ambiguity aversion bias is sufficiently large, while cash holdings become less attractive when the combined impact of ambiguity and ambiguity aversion is relatively low. Moreover, we study how convertible debt valuation is affected by the ambiguity biases of equity holders and debt holders and provide sensitivity analysis of the bond value to changes in attitude toward ambiguity, firm and bond parameters.


（主办：国际贸易与金融系）