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【10月15日】【互联网与数字经济系列讲座】The Regulatory and Capital-Market Effects of a U.S. Approach to Enforcement: Evidence from China

2021-10-14 10:44      

 主讲人:李凯英属哥伦比亚大学

讲座摘要: We examine the regulatory and capital-market effects of implementing a U.S. approach to the enforcement of mandatory disclosure in China. Using a hand-collected sample of comment letters (CLs) issued by the Shanghai Stock Exchange over the period 2013-2018, we show that price reactions to CL receipts and replies are negative and significant. Using topic analysis and KL divergence to match issues raised by regulators to targeted firms’ changes in disclosure, we show that these firms improve their disclosures without experiencing any significant capital-market effects. Our paper highlights the importance of incentives rather than regulation and enforcement in improving firms’ information environments. 

时间:1015日(星期五),早上1000-1130

线上会议:腾讯会议(会议号:702 838 267

主讲人简介: 李凯教授是加拿大英属哥伦比亚大学尚德商学院讲席教授,Journal of Financial and Quantitative AnalysisReview of Financial StudiesJournal of Corporate FinanceJournal of Financial StabilityReview of FinanceJournal of Banking and FinanceFinancial Management等杂志的副主编。近年来她在Journal of FinanceJournal of Corporate FinanceJournal of Financial and Quantitative Analysis等国际知名学术期刊上发表了多篇论文并在众多国际会议上获得最佳论文奖等奖项 

主办:中国互联网经济研究院

 附件为讲座论文。

此次讲座获得北京高等学校卓越青年科学家计划资助(BJJWZYJH01201910034034),特此致谢。