Time/时间：12月18日（周一） 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：The Effect of Nominal Stock Price on Voluntary Disclosures
Speaker/报告人：丁慧助理教授（上海交通大学）
Facilitator/主持人：陈晓琦助理教授
Abstract/摘要：We study the influence of investors’ biased expectation on firms’ voluntary disclosure by exploiting nominal price illusion. As nominal price illusion induces investors to overestimate the growth potential of low-priced stocks, we predict and find that, to cater to investors’ growth expectations, firms with lower-priced stocks are less likely to voluntarily disclose bad news than those with higher-priced stock. Our results are robust to using stock splits as a quasi-natural experiment to reduce nominal prices, an instrumental variable analysis, and a propensity-score matched sample, alleviating concerns for omitted correlated variables and reverse causality. We also find that the association between nominal price and bad news disclosures is more pronounced when firms have stronger catering incentives or more difficulties in catering to investors’ growth expectations. Overall, our evidence suggests that investors’ behavioral bias can affect firms’ voluntary disclosures.
About the Speaker/报告人简介：丁慧，上海交通大学安泰经济与管理学院助理教授。2019年毕业于复旦大学获博士学位（会计学专业），同时是复旦大学与耶鲁大学联合培养博士。2019年起在上海交通大学安泰经济与管理学院工作，历任访问助理教授、助理教授。主要从事基于信息技术的资本市场研究，相关研究成果发表于Management Science、《经济研究》《管理世界》等期刊，已有成果涉及的信息技术包括人脸识别、云计算、社交媒体等。