题　目：The Effect of Nominal Stock Price on Voluntary Disclosures

嘉　宾：丁慧 博士后 上海交通大学安泰经济与管理学院

主持人：张括 副教授 上海交通大学安泰经济与管理学院

时　间：2023年05月23日（周二）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼A403室

内容简介:

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.

演讲人简介：

丁慧，上海交通大学安泰经济与管理学院博士后。主要研究领域包括金融科技、市场效率、分析师等，在《经济研究》、《管理世界》、《会计研究》等国内重要期刊上发表文章。

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