报告题目:Does Stricter Disclosure Regulation of Private Meetings Improve the Information Environment? 

报告所属学科：应用经济学

报告人：唐松莲(华东理工大学)

报告时间：2019年10月9日 14:00

报告地点：将军路校区经管楼704室

报告摘要：

The Shenzhen Stock Exchange (SZSE) in China is unique worldwide in requiring explicit disclosure of the existence and content of private in-house meetings between firm managers and outside investors. We extend the literature by investigating whether the SZSE’s increased disclosure requirements in July 2012 led to tangible benefits for market participants.  

We use a difference-in-differences design (where possible) and a large hand-collected dataset covering 2009-2016 that includes Shanghai Stock Exchange (SHSE) firms as a control group. We find unintended consequences for the SZSE’s information environment, including increased stock price volatility and reduced information efficiency relative to pre-July 2012 and relative to SHSE firms. In the post July 2012 period, private meetings became quasi-public and focused more on positive disclosures that were less informative. On the other hand, mutual fund participation in private meetings increased post-July 2012, especially funds with relatively small ownership in the host firm. We also find that mutual funds still benefited from attending private meetings. The playing field continued to be uneven despite stricter disclosure regulation of private meetings.

报告人简介：

唐松莲，1981年生，华东理工大学副教授，硕士生导师。上海交通大学财务管理博士，美国纽约城市大学Baruch商学院访问学者，全国会计领军（后备）人才，上海市浦江人才。近年来已在《Review of Accounting Studies》、《管理世界》、《管理评论》等重要学术刊物上发表论文30多篇。主要研究方向：信息披露、机构投资者、公司治理。目前开设课程：会计学、审计学、会计理论。主持国家自然科学基金项目（青年与面上）、教育部人文社科项目、上海自贸区委托等多项课题。研究成果获得2017 Symposium of Accounting, Auditing and Corporate Governance Practices in China最佳论文奖、IFA 2nd Best Paper Award of 6th India Finance Conference 最佳论文奖、2016 China Finance Review International Conference最佳论文奖、2016Auckland Finance Meeting最佳论文奖、2010年度“潘序伦中青年会计优秀论文”奖、上海社科第七届年会优秀论文奖。