为了活跃厦门大学会计学科的学术研究氛围，激发既有教师与在校研究生的学术研究热情和积极性，促进教师之间、教师与研究生之间、研究生彼此之间的深入交流、思想碰撞与知识分享，我们组织了由厦门大学会计学科的常任教师、博(硕)士研究生、国际访问学者等作为报告人的系列Seminar。该Seminar将冠以“厦门大学会计学科教师与研究生系列Seminar”的总标题，从2017年3月14日起，每周周二下午15:00-17:30举行。该Seminar与已有的“财务、会计Seminar”(主要聘请校外与境外的学者担任报告人) 相互补充，以期能够更好地推动厦门大学会计学科的学术发展。
题 目：Does Corporate Hedging Affect Firm Value? Evidence from the IPO Market
报告人：夏崇武 助理教授
主持人：张国清 教授
时 间：2018年11月27日（星期二），15:00-17:30
地 点：嘉庚二203室
论文摘要：Focusing on the IPO market, we examine the influence of corporate hedging on firm value. Consistent with the argument that corporate hedging reduces information asymmetry, we find that hedging IPO firms are associated with lower price revisions and underwriting fees. More importantly, corporate hedging reduces IPO underpricing, especially for informationally opaque firms. This provides strong evidence that hedging increases firm value during the issuing process. We also show that corporate hedging lowers aftermarket idiosyncratic volatility, enhances aftermarket liquidity, and improves long-term performance of IPO firms. We use both an instrumental variable approach and a regulation change on derivatives supply to address the endogeneity concerns.
