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UID:20251012T083503EDT-5945ZjiVlv@132.216.98.100
DTSTAMP:20251012T123503Z
DESCRIPTION:Kerry Siani\n\nMIT Sloan School of Management\n\nFinancially So
 phisticated Firms\n\nDate: Friday\, November 8\, 2024\n	Time: 10:30-11:45 a
 m\n	Location: Bronfman Bldg. (1001 Sherbrooke St. West)\, Room 340\n\nAll a
 re cordially invited to attend.\n\nAbstract:\n\nUsing a newly comprehensiv
 e dataset that merges firm-level information with corporate bond issuance 
 and holdings\, we show that firms strategically use bond issuance not only
  to minimize their cost of capital but also to diversify their investor ba
 se. Investor specialization in certain bond characteristics allows firms t
 o effectively shape their bondholder composition through issuance decision
 s. We find that firms with more diversified bondholder exhibit increased r
 esilience to credit market shocks. Our analysis underscores the dual funct
 ion of market timing in corporate bond issuance: it serves both to reduce 
 capital costs and as a strategy for credit supply diversification. These f
 indings emphasize the pivotal role of financially sophisticated firms in s
 trategically issuing assets in a market increasingly reliant on non-bank i
 ntermediaries.\n
DTSTART:20241108T153000Z
DTEND:20241108T164500Z
LOCATION:Room 340\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Desmarais Global Finance Research Centre (DGFRC) Seminar: Kerry Sia
 ni 
URL:/desautels/channels/event/desmarais-global-finance
 -research-centre-dgfrc-seminar-kerry-siani-360869
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