您现在的位置:首页 >> 关闭
 
1月3日,张磊(Simon Fraser University)
发布时间:2018-12-27   发布人:zs   点击数:224

报告人:张磊,Simon Fraser University

时间:2019年1月3日(周四)13:30—15:00

地点:博学楼1222教室

Title: The Myth about Public versus Private Enforcement of Securities Laws – Evidence from Chinese Comment Letter

Abstract:Prior work based on cross-country evidence reaches different conclusions regarding the efficacy of public versus private enforcement of securities laws (La Porta, Lopez-de-Silanes, and Shleifer 2006; Jackson and Roe 2009). China presents a unique opportunity to study public enforcement of mandatory disclosure when private enforcement is largely absent. Using a hand-collected sample of comment letters (CLs) on annual reports issued by the Shanghai Stock Exchange, we first show that price reaction to CL announcements is negative and significant, suggesting that the market views significant deficiency in firms’ disclosure as bad news. However, both short-run price reaction and long-run buy-and-hold return diverge for CL firms without analysts following and those with analysts following, our proxy for private enforcement. Shedding light on the reason behind such divergence, we show that analysts following is associated with narrower bid-ask spreads and smaller forecast dispersion, both consistent with the notion that private enforcement strengthens public enforcement, leading to lower information asymmetry about CL firms. In terms of CL consequences, we show that CL firms are more likely to be sanctioned by regulators. We conclude that in China, public enforcement of mandatory disclosure is prerequisite for and strengthened by private enforcement.

报告人简介:张磊博士,加拿大Simon Fraser University助理教授。2018年获加拿大University of British Columbia会计学博士学位,研究领域包括资本市场法律与监管、境外上市、财务报告以及审计。已在Review of Accounting Studies, Applied Economics, Economics Letters等国际期刊发表论文数篇,其中 “A comparison of industry classification schemes: A large sample study” 一文荣获 Economics Letters 杂志主编推荐。

 

扫一扫分享本页

 
相 关 新 闻:
热 点 新 闻: