讲座预告 | 管理学与经济学系列前沿讲座之三五五讲 公司财务与金融投资学术讲座第一二四讲

讲座题目:Regulatory Disclosure Choice and Capital Market Impact

主讲嘉宾:蔡晓武教授英国利物浦大学

讲座时间:20194910:00-11:30

讲座地点:管理学院善思堂M311

主 持 人:辛宇教授

主办单位:公司金融与财务决策研究团队

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AbstractRegulatory disclosure choice is an important decision that affects regulatory impact.  The disclosure practices in the UK accounting regulator, the Financial Reporting Review Panel (FRRP), provide two unique setting to examine the capital market impacts of regulatory disclosure choices.  First, we find that in a number of cases the UK regulator coordinates its investigation outcome releases with corporate announcements made by the investigated companies. This “friendly” regulatory disclosure manner has important consequences. Particularly, the “bundled” regulatory news announcements receive less negative market reaction than the “clean” ones. The lack of overall market reaction to regulatory announcements undermines the regulatory objectives of raising awareness and deterring fraud. Second, it is general practice for regulators not to make an announcement at the initiation of an investigation, in order to protect the investigated company. The effect of this practice has not been examined in the literature due to the lack of data. In a more recent subset of our sample we were able to identify these investigation initiation dates. We find that the regulator’s choice of delaying the announcement of an investigation creates insider-trading opportunities. Policy implications are discussed.

 

嘉宾简介:

蔡晓武(Charlie X Cai)教授,执教于英国利物浦大学(University of Liverpool)管理学院会计与金融系,现任 Accounting and Finance 国际学术期刊的编辑委员会成员。曾任布拉德福德大学管理学院教授、利兹大学商学院教授。

蔡教授的主要研究领域和兴趣包括:技术对金融市场的影响(如:计算机算法与高频交易),大数据分析,资产定价,公司治理和商业银行。近期,蔡教授尤为关注金融科技(fintech)对新兴市场的影响、全球范围内的资产定价异象以及系统风险等话题。这些话题是目前全球金融系统的关键组成部分,具有重要的研究意义。其研究成果在Journal of Accounting and Economics Journal of Money, Credit and BankingBritish Journal of Management and Financial Management等各大重点期刊发表。