一、主题：What are the Actual Effects of Cash Holdings? Evidence from the Mutual Fund Industry

二、主讲人：Vikas Agarwal， 佐治亚州立大学Robinson商学院H. Talmage Dobbs金融学讲席教授。英国伦敦商学院金融学博士毕业。主要研究领域包括资产定价与投资、投资组合管理、机构投资者、对冲和公募基金，以及资本市场。曾在Journal of Finance、Journal of Financial Economics、Review of Financial Studies、Journal of Financial and Quantitative Analysis、Management Science等国外金融界高水平期刊发表论文十多篇。

三、时间：2017年6月12日（周一），12:00-13:00

四、地点：学院南路校区主教学楼910会议室

五、主持人：朱一峰，太阳集团tyc539讲师

Abstract: We uncover the unintended consequences of cash holdings in the form of adverse selection that can negatively affect the liquidity of the stocks held by funds with more cash. Facing investor redemptions, sales by these funds are more likely to be perceived as information based (i.e., due to poor asset quality) instead of funding liquidity needs, which exacerbates the adverse selection problem. An exogenous change to the information environment and placebo test using index funds help identify the adverse selection channel behind the relation between cash holdings and stock liquidity. We account for funds’ choice of cash to provide a causal interpretation of this relation structure.