<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: 首页 → 校园信息 → 报告讲座

        【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?#26469;?#25968;]:

          讲座人:?#36335;澹‵eng 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:?#36335;澹?#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]:张萌

        天津11选5公式
        <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>
                福建22选5今晚开奖结果 20选5规则说明 吉林快三财神计划 黑龙江时时彩购买平台 江西11选5两码规律 香港六肖中特网主大全 福建22选5走势 黑龙江时时彩五星 公开一码一肖中特 六肖中特免费王王中 四川时时彩地址 辽宁11选5 三肖中特期期准精准 双色球开中四个红球 上海天天彩选4走势图首页