报告(gao)题目: Is S&P500 Membership for Sale?
报 告 人: 刘欣
报告(gao)地点(dian): 腾讯会议（会议ID: 140 616 974）
刘欣，澳大利亚国立大学商业经济学院高级讲师。2014年获新加坡国立大学金融学博士学位。研究领域涵盖金融创新与发展、银行业、信息经济学和中国经济等。曾在Journal of Financial Economics等期刊发表文章。
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.
腾讯会(hui)议 会(hui)议ID: 140 616 974
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撰稿: 王杰 审核: 齐鹰飞 单位: 高(gao)等经济(ji)研究院