题目:      The Effect of Dilution from Convertible Securities on the Price-Earnings Ratio: Theory and Empirical Evidence 演讲者：Zeyun (Jeff) Chen， Ph.D. student in Accounting, University of Houston 时间:   2007年5月16日（星期三）3：00—4：30 PM     地点:         嘉庚二513 参加者:      对会计研究有兴趣的广大师生 主持人：   邬瑜骏老师 报告论文摘要: Drawing on the Modigliani-Miller theorem and the options pricing model, we develop a model relating the dilution effect of convertible securities to the price-earnings ratio that offers explanations for cross-sectional variation in price-earnings ratios. The key feature of the model is that the call options embedded in convertible securities have the potential to transfer firm value from common equity to convertible securities holders conditional on certain firm-specific characteristics. Our model predicts that the (negative) effect on the price-earnings ratio of dilution from convertible securities is increasing in earnings, firm value, and volatility of firm value. The results of our empirical analysis are consistent with these predictions. 论文作者简介： Zeyun (Jeff) Chen is a Ph.D. student in Accounting at University of Houston. He got his MBA and BBA degrees in University of Louisiana at Lafayette and Fudan University respectively. He is a member of American Accounting Association.