- Boston Meeting: Increasing the IR via Ordinal Optimization Tuesday, May 20, 2008 - 6:15pm
- Denver Meeting: The Real Option Valuation Method for Valuing High Risk Technology Stocks Thursday, May 22, 2008 - 6:00pm
- New York Meeting: The State of the ETF Industry in Its 15th Year – A Panel Discussion Tuesday, May 27, 2008 - 5:45pm
- Chicago Meeting: Spikes and Calls: Commodity Markets in 2008 Tuesday, June 17, 2008 - 5:00pm
- Boston Meeting: Topic TBA Tuesday, June 17, 2008 - 6:15pm
- Denver Meeting: Topic TBA Wednesday, September 17, 2008 - 6:00pm
San Francisco Home Page
Next Meeting: July 11th,
Recent literature has documented a link between institutional equity ownership (IO) to cost of debt capital, and interpreted it as a corporate governance effect. However, separate literature has also interpreted IO as an information asymmetry proxy. Given the heterogeneity among IO and their different association with corporate governance and information asymmetry effects, here we look at sharper version of IO measures, which allows us to distinguish between the two effects. Based on most up-to-date and comprehensive bond pricing data spanning the past 20 years, we find that yield spreads narrow (widen) with an increase in the equity institutional group that is more(less) sensitive to information asymmetry and is least (most) expected to help improve corporate governance. The contrasting patterns between yield spreads and various IO persist after controlling for potential endogeneity and other information asymmetry measures. Overall, our findings provide strong support for the information asymmetry effect on cost of debt, and highlight the importance of distinguishing various types of institutional investors.
Professor Ashley Wang's primary research interest is empirical asset pricing. Her current research involves liquidity risk, institutional equity flows, equity ownership structure, and the implications on stock and bond pricing. She has also conducted an empirical analysis on whether the electricity forward prices reflect compensation for risk exposures. Professor Wang's papers have been published in the Journal of Finance. She has presented her work at major finance conferences and universities, both in U.S. and internationally. She is a member of the American Finance Association, Western Finance Association, and the Society of Financial Studies.
Meeting Registration
SF QWAFAFEW manages the meeting registration and dues payment process using Acteva. Please click on the link below to register for the meeting. At this point, we request both members and non-members to register. If you are a member, you can pay the annual dues of $50 and there will be no additional charges for the meetings. If you are not a member, you can pay your $15 meeting fee on Acteva.
Admissions: Members: Free. Non-members: $15/person. You can sign up for the membership at the Acteva registration page. QWAFAFEW will provide appetizers and there will be a cash bar.
Chapter History
The San
Francisco Chapter of QWAFAFEW was launched in the spring of 2004. The
presentations from a few of our earlier meetings are posted on this website. We
normally meet on the first or second Mondays of every month at
We would like to
thank our sponsoring firms, whose funding has assisted us greatly in
establishing this chapter:
Journal of Investment
Management
Moody's KMV
MSCI-BARRA
Quantal International
Starmine
Vestek
Future
Speakers
If you would like to suggest a
speaker, including yourself, please send name, topic, and contact information to
speakers.sf@qwafafew.org.
Ralph Goldsticker, Mellon Capital
Management
Rosy Macedo, Thomas J Watson Fellowship
Program
Robert Maxim, Quantal
International
Matt O'Hara, Barclays Global Investors
Jim Quinn, Quantal
International
Rey Santodomingo, MSCI-BARRA
Membership &
Inquiries
Annual membership fee is a $50. Members will enjoy free attendance at
meetings. To be added/removed to the SF QWAFAFEW mailing list please send email
to mailinglist.sf@qwafafew.org.
For general inquiries, please
send email to sanfrancisco@qwafafew.org.
