喻园管理论坛2023年第56期(总第879期)

演讲主题: Proactive Enforcement of Information Disclosure and Stock Price Synchronicity

主 讲 人: 胡   方，澳大利亚格里菲斯大学副教授

主 持 人: 高   茹，管理学院会计系教授

活动时间: 2023年6月21日（周三） 14:30-16:30

活动地点: 管理大楼119室

主讲人简介：

胡方博士，澳大利亚格里菲斯大学副教授。澳大利亚会计金融协会（AFAANZ）会员，澳大利亚注册会计师协会（CPA）会员和美国会计协会（AAA）会员，现任Accounting Research Journal的Associate Editor。她的主要研究领域为财务报表及披露、收益管理、公司治理等，在Accounting and Business Research、Accounting and Finance、Journal of Business Finance and Accounting、Journal of Contemporary Accounting & Economics、Journal of International Financial Markets, Institutions and Money、Journal of Management in Engineering、Pacific-Basin Finance Journal等期刊上发表多篇论文。

活动简介：

In the context of China's proactive disclosure enforcement regime, we examine the effect of publicly enforced mandatory disclosure on stock price synchronicity. Using an event study approach and difference-in-differences estimation, we find that stock price synchronicity significantly diminishes for firms in the focus-sector firms relative to the nonfocus-sector firms after the enforcement of an industry-specific disclosure regulation. In addition, this negative association is more pronounced in firms with more opaque financial reporting, firms with lower financial statement comparability, firms with weaker private oversight, and firms in low-competitive markets. We also find several real effects in the capital market relating to the unobservable impounding of firm-specific information into stock prices, including an increase in investor attention, an increase in stock liquidity, and a decrease in the cost of capital.