数字技术与经济金融前沿论坛（第33期）

摘要：

This paper investigates the effect of literacy and language education (LALE) on the career outcomes of sell-side security analysts. Utilizing a syllabus reform in China that transformed Chinese literacy from a tool for political education into a fundamental means of communication, we employ a difference-in-differences estimation and find that analysts who underwent the reform experience more frequent and faster promotions. Reports by treated analysts exhibit greater lexical and character richness, indicating that LALE contributes to the improvement of writing abilities. The market also responds more strongly to recommendation revisions made by these analysts. Additionally, treated analysts demonstrate a greater willingness to conduct site visits, aligning with the reform’s goal of enhancing social skills and communication abilities. Moreover, analysts from southern Chinese provinces, where local dialects bear less resemblance to Mandarin, experienced a more noticeable effect on their career outcomes due to the reform. Overall, our results shed new light on the unintended consequences of LALE on financial professionals.

主讲人介绍：

孙汉文，英国巴斯大学管理学院会计金融系长聘副教授。研究方向集中于公司金融和资本市场，包括内幕交易，卖空，公司创新以及信息中介等。研究结果发表于 Research Policy, Journal of Corporate Finance, Journal of Empirical Finance, 以及Journal of Accounting and Public Policy等国际期刊。其内幕交易研究项目获得英国国家科学院等资助。