Research seminar by Prof. Sheridan Titman on December 4
03 DECEMBER, 2024: The Research & Publications Office at IIM Bangalore will host a seminar by Prof. Sheridan Titman, from the University of Texas, on 4th December, 2024 in Classroom P-22 at 2.30PM on campus. Prof. Titman will speak on ‘Information Transmission in Dealer Markets: Evidence from Chinese Block Trades’.
Using proprietary account data on block trades from the Shanghai Stock Exchange, Prof. Titman and his fellow researchers study how dealers intermediate large block sales. Their evidence suggests that dealers acquire private information in the negotiation process with insiders, which they can exploit when subsequently selling the shares on the exchange. Prior to a 2017 regulatory change, dealers unwound insider blocks more quickly than non-insider blocks, particularly when future stock returns are less favourable. These shares were primarily sold to small retail investors in the secondary market. Relative to their earnings on non-insider block transactions, dealers earned an additional 2.36% intermediating insider blocks. After the 2017 regulatory change, the dealer profits and the extent to which retail investors were exploited from insider blocks are significantly reduced.
Speaker Profile:
Sheridan Titman is a Professor of Finance in the McCombs School of Business at The University of Texas at Austin. He holds the Walter W. McAllister Centennial Distinguished University Chair in Financial Services and is a research associate of the National Bureau of Economic Research.
Before joining the faculty at McCombs, Titman was a professor at the University of California, Los Angeles; the Hong Kong University of Science and Technology; and Boston College. He spent the 1988-89 academic year in Washington, D.C., as the special assistant to the assistant secretary of the Department of the Treasury for economic policy.
He is an award-winning researcher, and his academic publications include both theoretical and empirical articles on asset pricing, corporate finance, energy finance, real estate finance, and urban economics. He has also co-written three finance textbooks, ‘Financial Markets and Corporate Strategy’, ‘Valuation: The Art and Science of Corporate Investment Decisions’, and ‘Financial Management: Principles and Applications’.
Winner of the Smith-Breeden Best Paper Award for the Journal of Finance, Titman has also garnered the GSAM Best Paper Award for the Review of Finance and the Batterymarch Fellowship. In addition, his research on momentum with Narasimhan Jegadeesh received the Wharton-Jacobs Levy Prize.
Titman has served on the editorial boards of leading academic journals, including the Journal of Finance, the Review of Financial Studies, and Real Estate Economics. He has also been president of the Western Finance Association, the American Finance Association, and the American Real Estate and Urban Economics Association.
He earned an M.S. and Ph.D. in Economics at Carnegie Mellon University, and he received a B.S. in Management Science from the University of Colorado Boulder.
Research seminar by Prof. Sheridan Titman on December 4
03 DECEMBER, 2024: The Research & Publications Office at IIM Bangalore will host a seminar by Prof. Sheridan Titman, from the University of Texas, on 4th December, 2024 in Classroom P-22 at 2.30PM on campus. Prof. Titman will speak on ‘Information Transmission in Dealer Markets: Evidence from Chinese Block Trades’.
Using proprietary account data on block trades from the Shanghai Stock Exchange, Prof. Titman and his fellow researchers study how dealers intermediate large block sales. Their evidence suggests that dealers acquire private information in the negotiation process with insiders, which they can exploit when subsequently selling the shares on the exchange. Prior to a 2017 regulatory change, dealers unwound insider blocks more quickly than non-insider blocks, particularly when future stock returns are less favourable. These shares were primarily sold to small retail investors in the secondary market. Relative to their earnings on non-insider block transactions, dealers earned an additional 2.36% intermediating insider blocks. After the 2017 regulatory change, the dealer profits and the extent to which retail investors were exploited from insider blocks are significantly reduced.
Speaker Profile:
Sheridan Titman is a Professor of Finance in the McCombs School of Business at The University of Texas at Austin. He holds the Walter W. McAllister Centennial Distinguished University Chair in Financial Services and is a research associate of the National Bureau of Economic Research.
Before joining the faculty at McCombs, Titman was a professor at the University of California, Los Angeles; the Hong Kong University of Science and Technology; and Boston College. He spent the 1988-89 academic year in Washington, D.C., as the special assistant to the assistant secretary of the Department of the Treasury for economic policy.
He is an award-winning researcher, and his academic publications include both theoretical and empirical articles on asset pricing, corporate finance, energy finance, real estate finance, and urban economics. He has also co-written three finance textbooks, ‘Financial Markets and Corporate Strategy’, ‘Valuation: The Art and Science of Corporate Investment Decisions’, and ‘Financial Management: Principles and Applications’.
Winner of the Smith-Breeden Best Paper Award for the Journal of Finance, Titman has also garnered the GSAM Best Paper Award for the Review of Finance and the Batterymarch Fellowship. In addition, his research on momentum with Narasimhan Jegadeesh received the Wharton-Jacobs Levy Prize.
Titman has served on the editorial boards of leading academic journals, including the Journal of Finance, the Review of Financial Studies, and Real Estate Economics. He has also been president of the Western Finance Association, the American Finance Association, and the American Real Estate and Urban Economics Association.
He earned an M.S. and Ph.D. in Economics at Carnegie Mellon University, and he received a B.S. in Management Science from the University of Colorado Boulder.