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：10月15日（星期五），早上10:00-11:30

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 Analysis、Review of Financial Studies、Journal of Corporate Finance、Journal of Financial Stability、Review of Finance、Journal of Banking and Finance、Financial Management等杂志的副主编。近年来她在Journal of Finance，Journal of Corporate Finance，Journal 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

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。