<var id="oundm"></var><nobr id="oundm"></nobr><menu id="oundm"></menu>

    <meter id="oundm"><xmp id="oundm"></xmp></meter>

    <meter id="oundm"><menuitem id="oundm"></menuitem></meter>
    <blockquote id="oundm"><ruby id="oundm"><rp id="oundm"></rp></ruby></blockquote><code id="oundm"></code>

        <acronym id="oundm"></acronym>

        您现在的位置£º 首页 ¡ú 校园信息 ¡ú 报告讲座

        ¡¾3月20日¡¿¡¾会计学院龙马奋进¡ª¡ª学术论坛¡¿Do Investors Turn a Blind Eye to Risk-Factor Disclosures by State-Controlled Firms?

        [发表时间]£º2019-03-19 [来源]£º会计学院 [浏?#26469;?#25968;]£º

        ¡¡¡¡讲座人£º?#36335;壨Feng Chen£©

        ¡¡¡¡摘要£ºWe 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£º2019年03月20日£¬周三£¬16:10-17:10

        ¡¡¡¡讲座地点£º学院南路学术会堂604

        ¡¡¡¡讲座人简介£º?#36335;å£?#22810;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]£º张萌

        Ìì½ò11Ñ¡5¹«Ê½
        <var id="oundm"></var><nobr id="oundm"></nobr><menu id="oundm"></menu>

        <meter id="oundm"><xmp id="oundm"></xmp></meter>

        <meter id="oundm"><menuitem id="oundm"></menuitem></meter>
        <blockquote id="oundm"><ruby id="oundm"><rp id="oundm"></rp></ruby></blockquote><code id="oundm"></code>

            <acronym id="oundm"></acronym>
            <var id="oundm"></var><nobr id="oundm"></nobr><menu id="oundm"></menu>

            <meter id="oundm"><xmp id="oundm"></xmp></meter>

            <meter id="oundm"><menuitem id="oundm"></menuitem></meter>
            <blockquote id="oundm"><ruby id="oundm"><rp id="oundm"></rp></ruby></blockquote><code id="oundm"></code>

                <acronym id="oundm"></acronym>