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Руководство
заместитель директора по академическим вопросам Замков Олег Олегович
Заместитель директора по науке Никитин Максим Игоревич

Научный семинар МИЭФ/ФЭН (JM), Ruslan Sverchkov (University of Pennsylvania)

В четверг, 23 января прошел научный семинар МИЭФ и ФЭН (JM).
Докладчик: Ruslan Sverchkov (University of Pennsylvania)
Тема доклада: "Selling to Investor Network: Allocations in the Primary Corporate Bond Market".

Тезисы доклада: I develop a model of the primary market for corporate bonds, in which an issueroptimally chooses an issuance price and allocations to investors based on their tradingconnections in the secondary over-the-counter market. Expected secondary marketliquidity, which depends on the structure of the trading network in this market, deter-mines investors’ demands in the primary market and, in turn, the issuer’s revenues. Ishow that trading by less connected investors has a relatively high negative impact onexpected secondary market liquidity and disproportionately reduces the demands of allinvestors in the primary market. As a result, the issuer can increase her profits by re-stricting allocations of new bonds only to more connected investors. This explains thecommonly observed exclusion of small institutional investors from the primary market,which is often coupled with seemingly underpriced bonds.


Семинары МИЭФ