报告题目：Investors'Information Acquisition and Firm Financing Decisions: Evidence from a Natural Experiment

报 告 人：Yangyang Chen（香港城市大学）

报告时间：2022年5月10日（周二）9:00-11:30

报告地点：ZOOM平台在线交流（会议ID：966 3127 0350；会议密码：931215）ZOOM App下载链接：//zoom.us/download, 亦可点击以下链接直接参加会议：//hawaii.zoom.us/j/96631270350

主办单位：应用金融与行为科学学院

【报告人简介】

Yangyang Chen joined City University of Hong Kong in Oct 2019. He received his PhD from University of Melbourne and worked at Hong Kong Polytechnic University and Monash University before joining. His research interests are in corporate finance and financial accounting, including management compensation, corporate innovation, audit quality and pricing, earnings management, corporate disclosure, and so on. His works have been published in The Accounting Review, Journal of Accounting Research, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Contemporary Accounting Research, Review of Accounting Studies etc.

【内容摘要】

Using the SEC’s 2016 Tick Size Pilot Program (TSPP) as a natural experiment, we investigate the effects of investors’ information acquisition on equity versus debt financing. We find a significant increase in firms’ preference for equity over debt issuance after the TSPP’s implementation. This increase is concentrated among firms that experience decreases in algorithmic trading and increases in information acquisition activities. We also find that the effect of the TSPP is more pronounced for firms with high information asymmetry prior to the program. Taken together, our results suggest that investors’ information acquisition has a causal effect on firms’ financing choices.

撰稿：赵鹏辉  审核：李凤羽  单位：应用金融与行为科学学院