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南方科技大学 赖舒芳博士:Investor Interaction and Managerial Myopia

([西财澳门新濠天地会员登录] 发布于 :2019-04-15 )

光华讲坛——社会名流与企业家论坛第5283期

 

主题: Investor Interaction and Managerial Myopia

主讲人:南方科技大学  赖舒芳博士

主持人: 会计学院   金智

时间:2019年4月16日16:00-17:30

地点:澳门新濠天地娱乐网站_新濠天地娱乐送20彩金_澳门新濠天地会员登录【正宗品牌】柳林校区通博楼D301会议室

主办单位:会计学院  科研处

 

主讲人简介:

     赖舒芳博士毕业于香港中文大学会计学院,现任南方科技大学金融学系助理教授。赖博士主要的研究领域是公司财务与信息披露。

 

内容提要:

         The prevalence of myopic managers who sacrifice corporate long-term value for achieving short-term performance will severely hinder society's innovation and development. In recent years, how to alleviate managerial myopia is a hot issue all over the world. This project investigates whether more investor interactions will reduce managerial myopia. Based on information asymmetry theory, investor interactions lead to more corporate disclosure, help investors to evaluate the manager’s ability and investment project value, decrease cost of capital, and thus reduce managerial myopia. However, capital market pressure theory suggests that investors use corporate short-term performance to judge firm value. More investor interactions may increase the manager’s short-term pressure, and induce more myopic behaviour. By using the data from “Interactive Easy” and “SSE e Interactive”, this project empirically tests whether and how individual investor interactions affect managerial myopia. In addition, this project uses difference-in-difference approach to deal with the endogenous problem. This project helps to evaluate the economic consequences of the investor interaction platforms and provide policy suggestions in China.


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