财务金融系系列讲座之228期

时   间：2018年5月15日（周二）13:30

地   点：史带楼601室

主持人：Ph.D. Na ZHANG　 Department of Finance, School of Management, Fudan University

主   题：Anti-Corruption Campaigns and Corporate Information Release in China

演讲者：Ph.D. Alex SILI ZHOU  Fanhai International School of Finance & School of Economics, Fudan University

摘   要：Chinese anti-corruption campaigns executed by CCDI (Central Commission for Discipline Inspection) put politicians into high scrutiny. We employ CCDI’s inspections as the event and use counterfactual analysis to show that corporations in inspected provinces significantly suppress negative information release evidenced from stock prices following Chen, Hong and Stein (2001). The variation of political maneuvers to suppress negative information release is consistent with local politician’s influences and incentives in affiliated firms, e.g., SOEs or politically connected non-SOEs. SOEs continue to suppress negative information release while non-SOEs experience mean-reversion after inspections. Good governance and auditor’s quality partially mitigate manager’s incentives to suppress bad news.

简   介：Dr. Alex SILI ZHOU is an Assistant Professor in Fanhai International School of Finance & School of Economics. He received his Ph.D. in Business (Finance) from Singapore Management University in 2017. Dr. Alex SILI ZHOU also holds M.Sc. degrees in Economics from Shanghai University of Finance and Economics and a B.Sc. in Economics from Zhongnan University of Economics and Law. His research has been published in Finance Research Letters and Journal of Corporate Finance.

财务金融系办

2018-5-10