光华讲坛

主题：The Devil is in the Details: Firm-Specific or Market Information in Shareholder Activism （魔鬼在细节中：股东积极主义中的特定公司或市场信息）

主讲人：Selina(Duo) Pei 英国华威大学

主持人：唐富君 bwin必赢

时间：2023年3月31日（周五） 10:30—12:00

地点：柳林校区协同创新中心841会议室

主办单位：bwin必赢 科研处

主讲人简介：

Selina Pei, 现任职于University of Warwick，于2021年获得罗格斯大学管理学博士学位，2014年获得多伦多大学学士学位。Selina Pei 教授的主要研究领域为Shareholder activism, textual analysis, social media, effects of disclosure on capital market participants 等。她的论文发表在Journal of Investing，Journal of Emerging Technologies in Accounting，International Journal of Accounting Information Systems，Auditing: A Journal of Practice & Theory 等期刊。

内容简介：

This study measures how shareholder activism may change capital market participants’ processing and incorporation of different types of information. Specifically, I examine the earnings response coefficient (ERC), price delay, and probability of informed trading (PIN), which capture the usage of firm-specific public information, public market-wide information, and firm-specific private information, respectively. I find an increase in ERC, price delay, and PIN during shareholder activism. The findings are consistent with a slower reflection of publicly available market-wide information and investors engaging in more public and private firm-specific information processing. Investors appear to substitute more general information with focused information about activist targets in their trading decisions. Additional tests on changes in 10-Qs during the period and cross-sectional tests on activist firm characteristics suggest the information processing switch is a conscious decision by investors. This switch is reflective of the investors’ sensitivity to higher quality information.

（本研究测量了股东积极性如何改变资本市场参与者对不同类型信息的处理和吸收。具体来说，我研究了收益反应系数（ERC）、价格延迟和知情交易概率（PIN），它们分别反映了对公司特定公共信息、全市场公共信息和公司特定私人信息的使用。我发现在股东积极主义期间，ERC、价格延迟和PIN都在增加。这些发现与公开的全市场信息的反映速度较慢以及投资者参与更多的公共和私人公司特定信息处理相一致。投资者在他们的交易决策中似乎用关于积极主义目标的重点信息来替代更多的一般信息）