基地研究员黄勇副教授与合作者（Chao Yan, School of Accounting, Zhongnan University of Economics and Law; Chao Yan, School of Accountancy, Shanghai University of Finance and Economics; Kam C. Chan, Research Center of Finance, Shanghai Business School）的论文“Does the truth rest with the minority? Divergent views on nonfinancial firms' financial investments from the private equity market” 在国际知名期刊International Review of Financial Analysis在线发表。

Abstract:

We investigate how the seasoned equity market evaluates nonfinancial firms that recently bought wealth management products (WMPs). Using a sample of Chinese firms, we find that the stock market reacts less positively to private equity placements (PEPs) by firms that recently purchased WMPs (i.e., quasi-deposits) than to those that did not. Further analysis suggests that compared with retail investors, sophisticated (i.e., institutional and high-net-worth) investors pay a higher price for the shares of these WMP-buying firms. After PEPs, we find that the long-term operating performance and firm value of WMP-buying firms are higher than those of non-buying firms. Overall, the findings suggest that: (i) engaging in shadow banking activities (buying WMPs) does not mean a firm is distracted, and (ii) sophisticated investors are less concerned than retail investors about a firm's shadow banking activities.

链接：https://doi.org/10.1016/j.irfa.2022.102264

教师简介

黄勇，中南财经政法大学会计学院财务管理系副教授，日本九州大学经济学博士。主要研究方向为实证公司金融与行为公司金融。论文发表于Journal of Corporate Finance、International Review of Economics and Finance、International Review of Financial Analysis和Pacific-Basin Finance Journal等期刊。担任International Review of Economics and Finance、International Review of Financial Analysis、Pacific-Basin Finance Journal和Finance Research Letters等期刊匿名审稿专家，主持国家自然科学基金等课题。