主題： What’s in a (School) Name? Racial Discrimination in Higher Education Bond Markets（校名意味着什麼？高等教育債券中的種族歧視）

主講人：高芃劼，聖母大學門多薩管理學院金融學副教授

日期：2016年3月23日（周三）

時間：下午2:30-4:00

地點：清華Betvictor中文版4号樓101教室

語言：英文

摘要：

Historically black colleges and universities (HBCUs) pay more in underwriting fees to issue tax-exempt bonds, compared to similar, non-HBCU schools. This appears to reflect higher deadweight costs of finding willing buyers: the effect is three times larger in the Deep South, where racial animus has historically been the highest. School attributes or credit quality explain almost none of the effects. For example, identical differences are observed between HBCU and non-HBCU bonds: 1) having AAA credit ratings, and 2) insured by the same company, even prior to the Financial Crisis of 2008. HBCU-issued bonds are also more expensive to trade in the secondary market, and when they do, sit in dealer inventory longer. JEL classification: H75, I24, J15

主講人簡介:

Pengjie Gao holds the associate professor in Finance at the Mendoza College of Business, University of Notre Dame. Prior to joining academics, he worked for Pequot Capital and Zacks IFE. He earned his doctoral degree in Financial Economics from Northwestern University in 2007. Professor Gao’s research interests include asset pricing, market microstructure, investment management. He has articles published in the Journal of Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial Markets, and the Review of Financial Studies, among others. Professor Gao is also an associate editor of the Pacific-Basin Finance Journal.