发布者：商学院办公室 时间：2018-06-04 阅读次数：445
报告题目：Empirical Research Methods on Top Executives and Corporate Finance(公司管理和财务管理中的实证研究选题和方法)
报告题目：Managing the Demand for Information from Institutional Investors: Evidence from Private In-house Meetings of Shenzhen Stock Exchange (SZSE) Listed Firms
The Shenzhen Stock Exchange (SZSE) in China is unique worldwide in requiring disclosure of the timing, participants and selected content of private in-house meetings between firm managers and outside investors. We investigate whether managers host these private meetings to strategically influence mutual funds - the predominant group of institutional investors in China. Using a large hand-collected dataset, we find that mutual funds with relatively large ownership in the hosting firm have more access to private in-house meetings. We also find that firms use private in-house meetings to disseminate negative news to mutual funds with relatively large ownership and, as a result, experience lower stock price volatility. This result suggests that managers may prefer to disclose negative developments to select institutional investors in a private setting – possibly to manage the news, minimize stock sell-offs and mitigate stock return volatility. In addition, we find mutual funds with large ownership tend to receive preferential treatment in private in-house meetings. These influential investors tend to (i) interact more often with top management, (ii) attend more exclusive meetings; and (iii) have longer meetings with hosting firms. Finally, we find that mutual funds who attend private in-house meetings tend to make more informed trading decisions compared to investors who do not attend. Overall, our results suggest that mutual funds get preferential treatment depending on their ownership level, and hosting firms strategically organize their private in-house meetings to smooth stock return volatility.
（本论文为朱鹏程教授与我院会计系唐松莲副教授的合作工作成果之一。论文曾获得“2016 Auckland Finance Meeting” Best Paper和“6TH India Finance Conference 2016 Emerald-IFA” best paper Award，并被Columbia Law School’s Blog on Corporations and The Capital Markets报道。 ）
朱鹏程，现任美国圣地亚哥大学（University of San Diego）商学院终身副教授，研究方向为大数据实证研究、兼并重组、信息披露和新兴市场金融，相关成果发表在Review of Accounting Studies, Strategic Management Journal，Journal of Corporate Finance 等顶尖学术期刊上。