【摘要】We find that insurance companies decrease their holdings of a bond if the tone of the bond issuer’s earnings conference call is more negative. The net negative tone of conference calls significantly predicts the issuer’s default risk, which is a central concern for insurance companies. By creating a novel default-related dictionary, we further confirm that insurance companies react to the tone related to default information in conference calls. Bonds issued by firms with more negative conference calls and largely held by insurance companies experience lower returns after the calls. The aggregate selling of insurance companies triggered by negative conference calls would spill over to private industry peers and lead to liquidity risk in the underlying corporate bond market. 

【报告人简介】曹杰教授现任香港理工大学会计与金融学院正教授及博士（Ph.D.）项目总监，他亦担任香港证监会学术评审谘询委员会委员，香港金融管理局金融研究院谘询委员，以及芝加哥数量联盟（亚洲）协会理事。在加入香港理工大学之前，曹杰教授曾执教于香港中文大学商学院并获得终身教职。曹杰教授于2002年获得北京大学经济学学士学位，并于2009年在美国德克萨斯大学奥斯汀分校获得金融学博士学位。他的研究领域为实证资产定价，金融衍生品，以及可持续金融等。他的研究成果见诸于 Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science 等顶级金融学及管理学期刊。

曹杰教授目前担任知名期刊 International Review of Finance 的主编，国际重要期刊 Financial Management 以及知名期刊 China Accounting and Finance Review 的编委。他多次获得香港研究局的项目资助，并获得瑞士日内瓦财富研究院，加拿大衍生品研究院等多个海外科研机构的研究支持。