讲座题目：Structured Issuance and Bond Overpricing: The Role of Shadow Investors

主讲人：周青(Clara)副教授 澳大利亚麦考瑞大学商学院

时间：2025年12月26日（星期五）10:00-12:00

线下地点：创新港涵英楼经济金融研究院8121报告厅

报告人简介：

周青博士是澳大利亚麦考瑞大学商学院金融学副教授，博士生导师。她的研究领域涵盖公司金融、银行学和气候金融，主要探讨市场与监管如何影响企业的融资与投资决策。她的研究成果发表于Journal of Corporate Finance，Journal of Banking and Finance，Journal of Empirical Finance和Journal of Business Ethics等国际学术期刊。周博士现任麦考瑞大学商学院应用金融系研究生主任，同时担任Pacific-Basin Finance Journal、Accounting and Finance副主编，British Accounting Review、Global Finance Journal特刊主编。

摘要：

This study reveals how structured issuance through shadow investors distorts bond issuance prices in China's exchange bond market. We developed a novel metric to detect the presence of shadow investors in bond issuance. By exploiting different extent of shadow investors’participation in public-and private-placed bond issuance and exogenous policy shocks targeting structured issuance, we identify a significant causal relationship between shadow investors' involvement and bond overpricing. Additionally, we find that tightened regulations on structured issuance in the public bond market inadvertently increased overpricing in the private-placed bond market by pushing shadow investors there. Cross-sectional analyses further demonstrate that shadow investors have a more pronounced impact on bonds issued by local state-owned enterprises (including LGFVs) and firms with lower credit ratings. Overall, we document structured issuance as an important mechanism in understanding the unique overpricing phenomenon for China's corporate bond issuance.