主 题：Is CEO Pay Ratio Relevant to Bondholders? The Explaining Power of CEO Pay Disparity for Corporate Bond Yield Spreads
主讲人：Henry H. Huang, Associate Professor
主持人：西南财经大学证券与期货学院 李少育 博士
时 间：2014年12月12日(周五) 下午 3:45-5:00
地 点： 通博楼教学区102教室
主办单位：证券与期货学院 科研处
主讲人简介：
黄泓人先生毕业于美国雪城大学商学院，获得金融学博士，是台湾国立中央大学财务金融系副教授。他的研究专长是衍生性商品定价、信用风险模型、租赁合约定价、公司金融（资本结构与薪酬合约）、债券市场。 目前，他已经在国外权威期刊 Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, Risk, European Journal of Operational Research等发表多篇论文。
内容提要：
Using the pay ratio data of 133 S&P 500 firms in 2012 as well as panel data of 13,454 firm-year observations in the U.S. from 2001 to 2010, we examine the explaining power of CEO pay disparity for corporate bond yield spreads. Our results show that the spreads are positively related to CEO pay disparity. This positive relationship is robust to all six measures of pay disparity, the inclusion of other determinants of yield spreads as well as firm and year effects, and potential endogeneity problem. We shed light on the mechanism through which pay disparity is linked to yield spreads with results from subsamples of the pre- and post-subprime-crisis as well as with varying degrees of agency problems related to free cash flow, different bond maturity, and dissimilar default risk. Finally, we demonstrate that CEO pay disparity does not merely reflect; instead it goes beyond other aspects of corporate governance in helping bondholders assess the risks they face.
