德勤－复旦会计论坛系列269期讲座
时间：2026年 4月27日（周一）下午14:00
地点：史带楼503教室
主持人: 洪剑峭 教授
报告人: Jeff Zeyun Chen（陈泽云）（Texas Christian University）
题 目: Revealing Value Through Private Investors’ Opinion Divergence: Evidence from China’s PIPE Market
摘 要: Limited disclosure in Private Investments in Public Equity (PIPEs) constrains public investors’ ability to assess the informational content of announced PIPE transactions beyond what is reflected in the final issue price. Leveraging China’s PIPE market, where regulators mandate disclosure of the full distribution of submitted bids, we examine whether revealing opinion divergence among PIPE investors conveys incremental value-relevant information. We measure opinion divergence using bid price dispersion across all PIPE investors, including those who do not receive allocations, and find that it is positively associated with absolute stock price reactions at PIPE completion announcements. Greater bid dispersion also predicts lower post-placement earnings and higher earnings volatility, suggesting that disagreement among informed investors reflects underlying firm performance and risk. Using investor-level bid data, we further document a real effect: persistent extreme bidding becomes less likely once individual bids are publicly observable. Overall, our findings highlight the informational and incentive effects of granular investor-level disclosure and offer policy-relevant insights for ongoing disclosure reforms in PIPE and SPAC markets.
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