【3月20日】【会计学院龙马奋进——学术论坛】Do Investors Turn a Blind Eye to Risk-Factor Disclosures by State-Controlled Firms?_中央财经大学
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      【3月20日】【会计学院龙马奋进——学术论坛】Do Investors Turn a Blind Eye to Risk-Factor Disclosures by State-Controlled Firms?

      [发表时间]:2019-03-19 [来源]:会计学院 [浏览次数]:

        讲座人:陈峰(Feng Chen)

        摘要:We examine investor responses to risk-factor disclosures in Initial Public Offerings (IPO) prospectuses in China, which is characterized as a state-controlled economy. In such an economy, state-controlled firms receive various preferential treatments from the government, resulting in lower operating and bankruptcy risks compared to non-state-controlled firms. Consistent with the theoretical conjecture that more risk-factor disclosures reduce cost of equity, our results indicate that, high-quality risk-factor disclosures are associated with less IPO underpricing and lower post-IPO stock return volatility among non-state-controlled IPO firms. However, we find an insignificant association between risk-factor disclosure quality and IPO underpricing (or post-IPO stock return volatility) among state-controlled firms. Our findings suggest that state-offered implicit insurance becomes the predominant consideration when investors value IPO shares of state-controlled firms, thereby weakening the investor demand for high-quality risk-factor disclosures. Our study highlights the importance of considering the state control effect, which renders the high-quality risk disclosures ineffective for state-controlled firms in economies with significant government involvement.

        讲座时间:2019年03月20日,周三,16:10-17:10

        讲座地点:学院南路学术会堂604

        讲座人简介:陈峰,多伦多大学管理学院副教授。2008年毕业于哥伦比亚大学,获管理学博士学位。研究领域为审计、公司信息披露、公司治理、财务报告以及国际会计等。曾在Journal of Accounting Research,The Accounting Review,Contemporary Accounting Research,Review of Accounting Studies等期刊发表多篇学术成果。


      [编辑]:张萌

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