时间：2015年3月11日（周三）19:30-21：00
 
地点：嘉庚二号楼501教室
 
主持人：武霁，财务管理与会计研究院财务学助理教授
 
题目：Analyst Private Information Acquisition and Stock Price Synchronicity‐A Regulatory Perspective from China
 
报告人：Haiyan Jiang, Senior lecturer in Accounting, Massey University, New Zealand
 
论文摘要：
This study investigates whether analysts’ private information acquisition influences the extent to which firm-specific information is capitalized into stock prices, as measured by stock price synchronicity in Chinese stock markets. We also study the moderating effect of the restrictions on selective disclosures imposed by the CSRC Directive 40 on the relationship between analyst private information and synchronicity.
    We find that synchronicity correlates negatively with analyst private information content, and also moves in a direction opposite to analyst private information acquisition over our sample period. This finding supports the information role of analysts’ private information seeking activities. We uncover that analyst private information acquisition reduces substantially after the 2007 regulation, which partially supports the effectiveness of Directive 40 in its objective of ‘levelling the information playing field’. However, the synchronicity-reducing effect of analyst private information acquisition is attenuated after Directive 40, implying an impaired firm-specific information flow attributable to the restriction on selective disclosures.
 
报告人简介：
Haiyan Jiang got her PhD and Bachelor of Commerce degree in accounting from Lincoln University in New Zealand, and Bachelor of Economics major in Accounting from Zhengzhou Institute of Aeronautical Industry Management. She has publications in Journal of International Accounting Research, Journal of International Accounting, Auditing and Taxation, and so on.