【Topic】
Dark Trading and Corporate Cash Holdings
【Abstract】
We show that firms hold less cash when its shares are traded more in “dark” venues. Exploiting the randomized variation in dark trading generated by the trade at rule of the Tick Size Pilot Program, we show that the effect is likely casual. The relaxation of financial constraints and improved governance appear two plausible underlying channels through which dark trading affects cash holdings. Dark trading is also associated.
【Speaker】
Woon Sau Leung
Woon Sau Leung is Professor of Finance at the University of Southampton. He is a fellow of the UK Higher Education Academy and was previously Senior Lecturer (Associate Professor) in Finance at the University of Edinburgh and Lecturer (Assistant Professor) in Finance at Cardiff University. He holds an integrated BBA degree from the Chinese University of Hong Kong and MSc and PhD in Finance from Cardiff University. He regularly visits other institutions, including Fordham University (U.S.), the University of Kyoto (Japan) Soochow University (China), etc.
Woon Sau's work has been published in international, peer- reviewed business and finance journals, including Journal of Financial and Quantitative Analysis (ABS 4; FT50), Journal of International Business Studies (ABS 4*; FT50; UTD24), Production Operations and Management (ABS 4; FT50; UTD24), Journal of Corporate Finance (ABS 4), Journal of Banking and Finance (ABS 3), Journal of Financial Markets (ABS 3), Journal of Empirical Finance (ABS 3), among others. His research were featured in the Harvard Business Review, Harvard Law School Forum on Corporate Governance and Regulation, the Columbia Law School Blue Sky Blog, Reuters, Bloomberg, Institutional Investor, and other media outlets. He has presented his work in major finance conferences, including the European Finance Association (EFA) annual conference, the FMA annual and regional conferences, among others.His work on bank stakeholder governance was awarded Best Paper in Financial Institutions at the 2016 FMA annual conference.
