讲座内容：Institutional Inattention, Information Production and Market Quality
讲座教师：李煦 副教授 香港大学
讲座时间：2018年5月2日（周三）上午10点30分
讲座地点：文泉楼南401威斯尼斯人大会议室
摘要:
We find empirically that negative exogenous shocks to the attention institutional investors pay to anindividual stock result in less information production by management and sell‐side analysts, leading to areduction in equity market quality, as measured by both liquidity and informational efficiency. Surprisingly, we also find that reductions in institutional investor attention improve accuracy of analyst forecasts, suggesting that, on average, analysts’ incentives for bias dominate incentives for accuracy.
讲座专家简介：
李煦，对外经济经贸大学工商管理学学士、美国波士顿学院金融学硕士、美国麻省理工学院会计学博士，曾供职于德克萨斯大学达拉斯分校及美国宾州里海大学，现为香港大学会计学副教授。主要研究领域为资本市场对会计信息的反映、信息媒介的作用、内部交易及信息不对称、公司信息披露特点及对投资的影响。目前担任多个财务、会计期刊的特约编辑。代表作如下：
• “Does Change in Information Environment Affect Financing Choices?” with Chen Linand Xintong Zhan, forthcoming at Management Science
• “Corporate Governance and Resource Allocation Efficiency: Evidence from IPO Regulation in China” Coauthored with Xinyuan Chen, Jun Huang and Tianshu Zhang, forthcoming at Journal of International Accounting Research
• “Analyst Firm Coverage and Forecast Accuracy: the Effect of Regulation Fair Disclosure” Coauthored with Yi Dong, Nan Hu, and Ling Liu, forthcoming at Abacus
• “Underwriter-auditor Relationship and Pre-IPO Earnings Management: Evidence from China” Coauthored with Xingqiang Du, Shaojuan Lai, and Xuejiao Liu, forthcoming atJournal of Business Ethics
• “Words versus Deeds: Evidence from Post-Call Manager Trades” with Paul Brockman,James Cicon and McKay Price, Financial Management, vol. 46(3), 965-884, November2017
• “Conference Call Tone and Stock Returns: Evidence from the Stock Exchange of HongKong” with Paul Brockman and McKay Price, Asia-Pacific Journal of Financial Studies,vol. 45(5), 667-685, October 2017 (Leading article)
• “The Impact of CEOs’ Accounting Backgrounds on Earnings Management and Conservatism” with Nan Hu, Rong Huang and Ling Liu, Journal of Centrum Cathedra,vol. 10(1), 4-24, July 2017
• “The Effect of Previous Working Relationship between Rotating Partners on MandatoryAudit Partner Rotation” with Haoran Xu and Min Zhang, The International Journal ofAccounting, vol. 52(2), 101-121, June 2017
• “Hollowing Out of the Real Economy: Evidence from China's Listed Firms” with Xiang Shao and Zhigang Tao, Frontiers of Economics in China, vol. 11(3), 390-409, September2016
• “Differences in Conference Call Tones: Managers versus Analysts” Coauthored with Paul Brockman and McKay Price, Financial Analysts Journal, vol. 71(4), 24-42, July/August 2015
• “Conditional Conservatism and Audit and Non-audit Fees” Coauthored with HyeSeungGrace Lee and Heibatollah Sami, Accounting Horizons, vol. 39(1), 83-114, March 2015
• “The Market Response to Insider Sales of Restricted Stock Versu Unrestricted Stock” Coauthored with Laurel Franzen, Oktay Urcan and Mark Vargus, Journal of Financial Research, vol. 37(1), 99–118, Spring 2014
• “Can Strong Boards and Trading Their Own Firm’s Stock Help CEOs Make Better Decisions? Evidence from Acquisitions by Overconfident CEOs” Coauthored with AdamKolasinski, Journal of Financial and Quantitative Analysis, vol. 48(4), 1173-1206,August 2013
• “The Effect of Sarbanes-Oxley on the Timely Disclosure of Restricted Stock Trading” Coauthored with Laurel Franzen, and Mark Vargus, Research in Accounting Regulation, vol. 25(1), 47-52, April 2013
• “Can Government Policies Induce Earnings Management Behavior? Evidence from Chinese Public Listed Firms” Coauthored with Nan Hu, Ling Liu, Baolei Qi, and Gaoling Tian, Journal of International Financial Management and Accounting, vol. 23(3),187-207, Autumn 2012
• “Regulation FD, Accounting Restatements and Transient Institutional Investors’ Trading Behavior” Coauthored with Suresh Radhakrishnan, Haeyoung Shin, and Jin Zhang,Journal of Accounting and Public Policy, vol. 30(4), 298-326, July-August 2011
• “Behavioral Theories and the Pricing of IPOs’ Discretionary Current Accruals” Review of Quantitative Finance and
Accounting, vol. 37(1), 87-104, July 2011
• “Are Corporate Managers Savvy About Their Stock Price? Evidence from Insider Trading after Earnings Announcements” Coauthored with Adam Kolasinski, Journal ofAccounting and Public Policy, vol. 29(1), 27-44, January-February 2010
• “The Effect of Disclosures by Management, Analysts, and Business Press On the Equity Cost of Capital: A Study Using Content Analysis” Coauthored with S.P. Kothari and James Short, The Accounting Review, vol. 84(5), 1639-1670, September 2009
