Venue/地点：Room 501, Jiageng Building 2/嘉庚二号楼501教室
Topic/题目：The Effect of Intellectual Property Rights Protection on Stock Price Synchronicity: Evidence from the Agreement on Trade-Related Aspects of Intellectual Property Rights
Abstract/摘要：Intellectual property (IP) protection is an important issue for innovative firms. In this paper, we examine whether stronger IP protection facilitates greater incorporation of firm-specific information into the stock prices of innovative firms. Employing the staggered, country-level adoption of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), we find that innovative firms’ stock prices become less synchronous after TRIPS adoption, consistent with more firm-specific information being impounded into stock prices. The effect is stronger for firms in countries that are more likely to strongly enforce TRIPS, firms that are more likely to derive greater benefit from TRIPS, and firms with greater proprietary cost concerns. We also document possible channels that contribute to our main finding, including increased disclosure by innovative firms and increased information searching by investors. Overall, our paper provides novel insights into the role of strong IP rights in facilitating greater stock price informativeness.
About the Speaker/报告人简介：侯芳芳，博士毕业于香港理工大学，现任厦门大学财务管理与会计研究院助理教授，其研究方向包括公司创新、投资效率与财务信息披露等。研究成果发表在国际知名学术期刊Journal of Accounting, Auditing and Finance（ESCI）、The World Economy（SSCI）、Applied Economics（SSCI）等。