【琶洲金融论坛第88期】主讲人:张光利|题 目:前视信息能否降低股价暴跌风险?基于IPO审核问询函的研究|时 间:12月8日

时间:2022-12-07浏览:10

Can Forward-looking Information Reduce Stock Price Crash Risk? Evidence from the IPO Comment Letters


中文题目前视信息能否降低股价暴跌风险?基于IPO审核问询函的研究

主讲人:张光利

时  间:202212819:00-22:00

地  点:腾讯会议:614-638-926

  

  



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摘  要:This paper examines the influence of forward-looking information disclosure on corporate future stock price crash risk. Under the registration system, we focus on the textual information of the comment letters and construct forward-looking information content indicators by machine learning methods. Using a sample of the IPO firms in the STAR and ChiNext, we provide empirical evidence that the forward-looking information disclosure of comment letters contributes to the reduction of firms’ stock price crash risk under the registration system. The findings withstand controls for a large array of variables, firm-fixed effect estimations; they are also robust to a range of tests conducted to buttress against endogeneity concerns. Further analysis finds that forward-looking information disclosure has a more significant effect on stock price crash risk reduction among non-state IPO firms that allow equity pledging and short selling. The study conducts analyses demonstrating that a rich level of forward-looking disclosure can significantly reduce the IPO underpricing and the amount of future negative news. Overall, the empirical results of this paper show that forward-looking information disclosure in IPO comment letters has a very significant information effect, which can alleviate information asymmetry and help promote the stable and healthy development of the capital market.


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主讲人介绍:张光利,中央财经大学商学院副教授、硕士研究生导师,主要从事公司金融、中国区域经济等方面的研究。主持国家自然科学基金、教育部人文社会科学项目各1项。在《经济研究》、《世界经济》、《金融研究》、《财经研究》、《管理评论》、China Economic Review, Journal of Financial ResearchFinance Research Letters,等国内外重要期刊发表论文20余篇。荣获山东省社会科学优秀成果奖二等奖、山东省社会科学优秀成果奖一等奖,Best Paper Award in Financial Markets and Corporate Governance ConferenceMelbourne, Australia2018)等荣誉称号。担任《经济研究》、《管理科学学报》、Finance Research Letters等国内外期刊的匿名审稿人,兼任清华五道口全球家族企业研究中心研究员。