题 目：Investor Diversity and Loan Market Liquidity（投资者多样性与贷款市 场流动性）
主讲人简介：邵裴，加拿大约克大学金融学博士，现为加拿大莱斯布里奇大学终身副教授，金融分析师。研究领域为辛迪加借贷市场、金融中介机构、公司金融、IPO、机构投资者、公司兼并收购等。在Contemporary Accounting Review, Journal of Banking and Finance, Journal of Money, Credit and Banking，Review of Finance, Journal of International Finance and Economics, Review of Financial Studies等国际顶级期刊发表论文10余篇。曾多次获得加拿大人文社科研究委员会的专项奖励，美国联邦保险公司研究奖励，莱斯布里奇大学专项研究奖励等。
We investigate the impact of loan ownership structure on market liquidity using detailed information from the Shared National Credit program on the portfolio of loan investors over the life of the loan. We find only weak support to existing theories showing that the presence of informed investors adversely affects liquidity. In contrast, we find strong evidence that investor diversity is beneficial to liquidity. Loans with a larger syndicate, syndicates with more investor types and with lower concentration in investor-types’ loan shares have lower bid-ask spreads. However, not all investors contribute positively to liquidity. While an increase in the number of hedge funds and pension funds in the syndicate lowers the loan bid-ask spread, an increase in the number of banks and insurance companies has the opposite effect, consistent with existing beliefs that asset managers are active traders but institutional investors follow buy-and-hold investment strategies.