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【3月20日】【會計學院龍馬奮進——學術論壇】Do Investors Turn a Blind Eye to Risk-Factor Disclosures by State-Controlled Firms?

[發表時間]:2019-03-19 [來源]:會計學院 [瀏覽次數]:

  講座人:陳峰(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.



  講座人簡介:陳峰,多倫多大學管理學院副教授。2008年畢業于哥倫比亞大學,獲管理學博士學位。研究領域為審計、公司信息披露、公司治理、財務報告以及國際會計等。曾在Journal of Accounting Research,The Accounting Review,Contemporary Accounting Research,Review of Accounting Studies等期刊發表多篇學術成果。