题目：Does Stricter Disclosure Regulation of Private Meetings Improve the Information Environment?
报告人：朱鹏程 （美）圣地亚哥大学商学院
时间：2019年5月28日下午1: 00 -3:00
地点：信息楼530
内容摘要：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 for funds with relatively small ownership in the host firm. We also find that mutual funds continued to benefit from attending private meetings post-July 2012. The playing field remained uneven despite stricter disclosure regulation of private meetings.
报告人简介：Pengcheng Zhu is an Associate Professor of Finance at the School of Business, University of San Diego (USD). He teaches courses in corporate finance, international finance, and financial reporting and analysis. His research focuses on mergers and acquisitions, top executives and corporate strategy, and the financial market in China. He has published research articles in several high-quality academic journals including Administrative Science Quarterly, Review of Accounting Studies, Strategic Management Journal, Journal of Management, Journal of Operations Management, Journal of Corporate Finance, Journal of Financial Research and Financial Management. Before joining the USD faculty, Zhu taught at the Eberhardt School of Business at the University of the Pacific and the Sprott School of Business at Carleton University. He also worked as a business consultant for a global management consulting firm in Canada. Zhu is a CFA charterholder.
