Time/时间：4月28日（周五） 上午10:00-11:30
Venue/地点：Room 501, Jiageng Building 2/嘉庚二号楼501教室
Topic/题目：Does regulatory cooperation enhance investment efficiency?
Speaker/报告人：侯芳芳助理教授
Online Conference ID/腾讯会议号：171-532-366
Abstract/摘要：Many countries participate in a special non-binding agreement formally known as the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU), which enhances cross-border cooperation between regulators to facilitate the enforcement of securities laws. We use the MMoU’s staggered adoption across countries to study the effect of enhanced regulatory cooperation on the investment efficiency of U.S. listed foreign firms. We find that a firm’s investment efficiency increases after the firm’s home country enters the MMoU. This finding is consistent with the view that enhanced regulatory cooperation can help mitigate moral hazard problems hindering investment activities. We also find that the MMoU's positive effect on investment efficiency is stronger for firms from countries where the memorandum more effectively fosters regulatory cooperation, for firms with higher agency-related frictions, and for firms with greater financing needs. Collectively, our study offers the novel insight that cross-border cooperation between securities regulators has positive externalities on corporate investments.
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）、Accounting and Finance（SSCI）、The World Economy（SSCI）、Applied Economics（SSCI）、Journal of International Financial Markets, Institutions and Money（SSCI）等。