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DTSTART:20260305T123000
DTEND:20260305T134500
DTSTAMP:20260501T131900
SUMMARY:DF Lunch Seminar with Karin S. Thorburn (NHH Norwegian School of Economics)
DESCRIPTION:"Conditional pecking order"\n\nWith the Lunch Seminar series, the Department of Finance is bringing eminent and up-and-coming researchers from around the world to Luxembourg.\n\nAbstract\n\nWe formally include debt in a Myers and Majluf (1984) setting with asymmetric information about the assets in place. In our theory, issuing firms pool and select the security that minimizes the adverse market reaction. Both debt and equity issues yield negative announcement returns. However, conditional on the equilibrium security choice, the reaction is less negative for debt. Our large-sample empirical analysis documents negative announcement returns to debt issues. Moreover, using an endogenous switching regression model to address the self-selection in the security choice, we show that firms issue the security with the least negative expected return, as predicted.\n\nAbout the speaker\n\nKarin S. Thorburn is Research Chair Professor of Finance at NHH Norwegian School of Economics and Adjunct Full Professor of Finance at The Wharton School of University of Pennsylvania, USA. Before joining NHH in 2009, she was a full-time faculty member at the Tuck School of Business at Dartmouth College, USA.\n\nLanguage\n\nEnglish.\n\nThis is a free event. Registration is mandatory.\n\nCold lunches are provided to registered participants only.\n\nIn collaboration with\n\nSupported by the Luxembourg National Research Fund (RESCOM/2025/LE/19440690)\n\nLocation: https://www.uni.lu/en/about/campuses/kirchberg-campus/\nRead more: https://www.uni.lu/fdef-en/events/df-lunch-seminar-with-karin-s-thorburn-nhh-norwegian-school-of-economics/
UID:UL-23188
LOCATION:Kirchberg Campus 6 - rue Richard Couden­­­hove-Kalergi 1359 Luxembourg Luxembourg
URL:https://www.uni.lu/fdef-en/events/df-lunch-seminar-with-karin-s-thorburn-nhh-norwegian-school-of-economics/
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