亚美APP下载

  • <tr id='AVIEMM'><strong id='AVIEMM'></strong><small id='AVIEMM'></small><button id='AVIEMM'></button><li id='AVIEMM'><noscript id='AVIEMM'><big id='AVIEMM'></big><dt id='AVIEMM'></dt></noscript></li></tr><ol id='AVIEMM'><option id='AVIEMM'><table id='AVIEMM'><blockquote id='AVIEMM'><tbody id='AVIEMM'></tbody></blockquote></table></option></ol><u id='AVIEMM'></u><kbd id='AVIEMM'><kbd id='AVIEMM'></kbd></kbd>

    <code id='AVIEMM'><strong id='AVIEMM'></strong></code>

    <fieldset id='AVIEMM'></fieldset>
          <span id='AVIEMM'></span>

              <ins id='AVIEMM'></ins>
              <acronym id='AVIEMM'><em id='AVIEMM'></em><td id='AVIEMM'><div id='AVIEMM'></div></td></acronym><address id='AVIEMM'><big id='AVIEMM'><big id='AVIEMM'></big><legend id='AVIEMM'></legend></big></address>

              <i id='AVIEMM'><div id='AVIEMM'><ins id='AVIEMM'></ins></div></i>
              <i id='AVIEMM'></i>
            1. <dl id='AVIEMM'></dl>
              1. <blockquote id='AVIEMM'><q id='AVIEMM'><noscript id='AVIEMM'></noscript><dt id='AVIEMM'></dt></q></blockquote><noframes id='AVIEMM'><i id='AVIEMM'></i>

                學術研討會牙周膜浸润麻醉

                Public Enforcement of Securities Laws in Weak Institutional Environments: Evidence from China

                時間:2019-07-12

                Finance Seminar2019-24)



                Topic: Public Enforcement of Securities Laws in Weak Institutional Environments: Evidence from China

                Speaker: Kai Li, University of British Columbia

                Time: Wednesday, 24 July,13:30-15:00

                Location: Room 217, Guanghua Building 2


                Abstract:

                China presents a unique opportunity to study an increase in public enforcement of mandatory disclosure when private enforcement is largely absent. Using a hand-collected sample of comment letters (CLs) on annual reports issued by the Shanghai Stock Exchange, we first show that the price reaction to CL announcements is negative and significant, and that targeted firms are more likely to amend their annual reports compared to firms not in receipt of CLs. However, we find no significant effect of the Exchange’s increased enforcement on targeted firms’ disclosure quality, nor do we find any evidence of market discipline in terms of higher costs of capital for those firms. Finally, we show that targeted firms, especially those receiving more severe CLs, are more likely to receive CLs in the future and are also more likely to be sanctioned by the regulators. We conclude that an increase in public enforcement does not achieve its intended objectives in weak institutional environments.


                Introduction

                Dr. Li is Senior Associate Dean, Equity and Diversity, Professor of Finance, and holds the W. Maurice Young Endowed Chair in Finance at the UBC Sauder School of Business, University of British Columbia.

                Dr. Li’s research focuses on the economic consequences of corporate governance mechanisms. Her current research projects explore: (1) the value drivers of mergers and acquisitions, (2) machine learning in finance, and (3) the roles of culture and psychology in corporate decisions. Her research has appeared in Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, Journal of International Business Studies, and many other leading journals in Finance and Economics. She is the recipient of the 2014 UBC Killam Research Award, the 2008 Sauder School of Business Research Excellence Award, the 2002 Barclays Global Investors Canada Research Award, and the Best Paper Award at many international conferences. She is on the Editorial Board of Review of Financial Studies, Review of Finance, Journal of Financial and Quantitative Analysis, Management Science, Journal of Corporate Finance, Journal of Financial Stability, and Journal of Banking and Finance. Her research has been featured in Wall Street Journal, New York Times, Washington Post, Financial Times, The Time Magazine, Reuters, CNBC, Bloomberg, Dow Jones Newswire, New Yorker, BBC, BNN, CBC National, National Post, Globe and Mail, U.S. News & World Report, Harvard Business Review, and Yahoo! Finance.


                Your participation is warmly welcomed!

                分享

                ?2017 北京大學光華耶塞拉的菌丝外衣管理學院 版權所有    京ICP備05065075-1