题目: Informational Efficiency and Liquidity Premium as the Determinants of Capital Structure 演讲者：Prof. Zhang Chun, Associate Dean, Chairman of Finance and Accounting Department, ABN AMRO Chair Professor in Risk Management, China Europe International Business School 时间:   2008年11月14日（星期五）3：00—4：30 PM     地点:         嘉庚二501 参加者:      对财务研究有兴趣的广大师生 主持人：   沈哲老师 论文摘要： This paper investigates how a firm’s capital structure choice affects the informational efficiency of its security prices in the secondary markets. We identify two new determinants of a firm’s capital structure policy: liquidity (adverse selection) premium due to investors’ anticipated losses to informed trading, and operating efficiency improvement due to information revelation from the firm’s security prices. We show that capital structure decision affects traders’ incentives to acquire information and subsequently, the distribution of informed traders across debt and equity claims. When information is less imperative for improving its operating decisions, a firm issues zero or negative debt (i.e., holding excess cash reserves) in order to reduce socially wasteful information acquisition and the liquidity premium associated with it. When information is crucial for a firm’s operating decisions, the optimal debt level is one which achieves maximum information revelation at the lowest  possible liquidity cost. Our model can explain why many firms consistently hold no debt. It also provides new implications for financial system design and for the relationship among leverage, liquidity premium, profitability, and the cost of information acquisition. 论文作者简介： Dr. Chun Chang is Professor of Finance and the holder of ABN AMRO Chair in Risk Management at CEIBS. Prior to joining CEIBS, Professor Chang has taught at Carlson School of Management, University of Minnesota for 17 years. He is the first who came out of People’s Republic of China to teach finance in an American university. He is also the first scholar to return and work in China on a full time basis after becoming a tenured finance professor in an American university. He is the Executive Editor of China Economic Review, the leading academic journal on Chinese economy published in English. Dr.Chang received his Ph. D. in Managerial Economics and Decision Sciences from Kellogg Graduate School of Management, Northwestern University. His current research interests are Corporate Finance, Mergers and Acquisitions, Bank Regulation and Risk Management, Labour Economics, Economic Reforms and Development. His publications appear in Journal of Economic Theory, Journal of Finance, Review of Financial Studies, Journal of Monetary Economics, Journal of Business, Journal of Money, Credit and Banking, to name a few. Dr. Chang published the book "Corporate Finance for Chinese Entrepreneurs" in 2006 and "Corporate Finance" in 2008. He also co-authors several academic books.