PKU MBA Speaker Series: Paul Gillis' Activist Short Selling 101
?智能總結(jié)ThePKUMBASpeakerSerieswasproudtohostProfessorPaulGillis,theCo-DirectorofthePekingUniversity,Guanghua...
ThePKUMBASpeakerSerieswasproudtohostProfessorPaulGillis,theCo-DirectorofthePekingUniversity,GuanghuaSchoolofManagementMBAprogramandrenownedaccountingexpertforaneveningofbusiness-insightandfascinatingstoriesrelatingtoActivistShortSellinginChinaentitled“PaulGillis’ActivistShortSelling101”.
OnThursday,November5th,drawnbythemostrecenteditionofthePKUMBASpeakerSeries,anexcitablecrowdbravedanunexpectedsnowfalltogatherintheheartofBeijing’scentralGulouarea.Thoseinattendancedrewfromavarietyofbackgrounds;therewerestudents,alumni,professionals,ajournalistortwoandevenacouplepassersbywhodecidedtotakepartintheoccasion.TheeventalsoattractedtheAssociateDeanofPekingUniversity,GuanghuaSchoolofManagement,theDirectoroftheMBAprogramandanaccountingexpertinhisownright,ProfessorWULiansheng.
Speakingtoanear-capacityDavidChoiceCafé&Bar,ProfessorGillisbrieflyintroducedtheconceptofActivistShortSellingbeforedrawingfromhispersonalexperiencetoregaletheaudiencewithlegendarycasesandothernotablestories.Truthfully,activistshortsellingisprobablynotatopicintimatelyfamiliartomostpeople.Yet,accordingtoProfessorGillis,itisavitaloneinunderstandingtheChinesebusinesslandscape.
AsProfessorGillisexplained,activistshortsellersarethoseinvestorswhosellunownedorborrowedshareshopingtorepurchasethemlateratalowerprice.However,astryingtotimethemarketisrarelywise,theytakeituponthemselvestoensureapositivereturn.Activistshortsellerstargetcompanieswhotheybelievemaybeperpetratingfraudbyborrowingsharesofsaidcompany,beforemakingaccusationsandreleasingcondemningreports.Asthecompany’ssharesfall,sodoestheactivistshortsellers’profitsrise.
ProfessorGillismadeclearwhyitisimportanttounderstandthedynamicsofthesetransactionsas,overthepastseveralmonths,internationaleyesturnedtoChina’sstockmarketasseeminglyunpredictabledropsandgainsshookbalancesheetsaroundtheworld.Indeed,priortotheseinstabilities,activistshortsellershadlongbeenstirringthepot.Andso,manyanalystsandtradersblamedactivistshortsellersforthestrugglesoftheChinesestockmarket.WhileProfessorGillisfeelsthatthisblameismisplacedandthatthemarket’sbehaviorwassimplecorrection,ChinaissuedasetofnewrulesinAugustaimedatdiscouragingallformsofshortsellinginanefforttocurbvolatilityinitsstockmarket.
Theenlighteningtalklastedapproximately45minutesandwasfollowedbyanengagingroundofQ&A.Here,attendeesdiscoveredthatwrongfullyaccusedcompaniesdon’thavemuchrecourseagainsttheiraccusers,especiallyintheUnitedStatesduetothe1stamendment.AttendeesalsolearntthatChinesecompanieswerehistoricallyeasytargetsastheyoperatedinaregulatorysystemthatofferedlittletonoprotection.Interestingly,professorGillisalsorevealedthatnostateownedenterprisehaseverbeentargetedbyactivistshortsellers.
Afterwards,attendeeswereaffordedtheopportunitytominglewithoneanotherandProfessorGillisoversomecomplimentarybeerandwine.Asawhole,theeventwasaresoundingsuccessofferingunusualinsightintoauniqueaspectofdoingbusinessinChina.
(本文轉(zhuǎn)載自 ，如有侵權(quán)請電話聯(lián)系13810995524)
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