報告題目：Is S&P500 Membership for Sale?
報 告 人：劉欣
報告地點：騰訊會議（會議ID：140 616 974）
劉欣，澳大利亞國立大學商業經濟學院高級講師。2014年獲新加坡國立大學金融學博士學位。研究領域涵蓋金融創新與發展、銀行業、信息經濟學和中國經濟等。曾在Journal of Financial Economics等期刊發表文章。
In this paper, we show S&P 500 index addition decisions exhibit a fair amount of discretion. Some of the discretion that S&P exercises may be influenced by added firms’ purchases of S&P ratings. We then use two empirical settings, namely mergers between S&P500 constituents and the S&P announcement in 2002 about excluding foreign firms in S&P 500 index as exogenous shocks to firms’ incentives to compete for S&P 500 membership. We find supportive evidence that firms’ rating purchase behaviour is affected by the shift in incentives to be included in the index. Such effect is more pronounced for firms that are near the threshold of inclusion and during times when addition valuation increases are large. Finally, we show that firms that join the index on a discretionary basis are more likely to exhibit a deterioration in performance following the index membership. Overall, our findings provide evidence of conflict of interest in the S&P 500 index additions, and such discretionary additions are associated with negative performance consequences.
騰訊會議 會議ID：140 616 974
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撰稿：王杰 審核：齊鷹飛 單位：高等經濟研究院