基地研究员何恭政副教授与合作者（Renji Sun, Business School, East China University of Political Science and Law; Lei Yang, Shanghai Jiaotong University, Shanghai Advanced Institute of Finance; Hui-Min Li, School of Finance, Henan Finance University）的论文 "Information disclosure as a means of minimizing asymmetric financial reporting: The role of market reaction" 在重要学术期刊Economic Analysis and Policy在线发表。

        Abstract:

       This study investigates the effect of information disclosure on financial accounting information comparability. We use a sample of Chinese A-share companies listed from 2001 to 2018 and discover that higher information disclosure quality can increase financial accounting information comparability. Our results reveal that high information disclosure ratings attract greater investor and analyst interest than does increased liquidity and that increased financial accounting information comparability is the main transmission pathway for this effect. Furthermore, the results remain robust after instrumental variables are used to solve endogeneity problems and also after robustness tests. Our findings suggest that regulatory activity to improve public firms’ information disclosure in the Chinese stock market can increase the market’s efficiency. In addition, when facing agency problems, enterprises should defer to external supervision and governance from investors.

 Keywords：Information disclosure; Comparability of financial accounting information; Investorprotection; Investor attention; Stock liquidity

 链接：https://doi.org/10.1016/j.eap.2023.04.022

教师简介

何恭政，男，台湾元智大学博士，金融学硕士生导师，金融工程学硕士生导师。主要研究方向为公司金融、信用风险管理、企业社会责任、信息不对称风险与跨交叉学科研究，在Asia-Pacific Journal of Accounting & Economics, Corporate   Governance: An International Review, Emerging Markets Review, Energy   Economics, International Review of Economics & Finance, International   Review of Financial Analysis, Journal of Accounting, Auditing and Finance,   Journal of Business Research, Journal of Corporate Finance, Journal of   Forecasting, Pacific-Baisn Finance Journal, Review of Quantitative Finance   and Accounting等国际SSCI期刊发表40多篇，其中包含ABS商学院4星级期刊1篇，三星级期刊12篇，SSCI一区期刊17篇。此外，在国内外数十场重要学术会议进行论文宣讲，包含中国金融年会、中国金融工程年会、中国管理学年会、CICF, American Accounting Association, Asian Finance Association, European Finance Association, Europe Financial Management Association, Financial Management Association, Taiwan Management Institute, Western Economic Association International等。此外，为国内外二十多家期刊进行审稿，包含Asia Pacific Journal of Management, Corporate Governance: An International Review, Economic Modelling, Emerging Markets Finance and Trade, Financial Innovation, Investment Analysts Journal, International Journal of   Emerging Markets, International Review of Economics and Finance, Managerial   and Decision Economics等。