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倪骁然 | 金融365网站院双周论坛339期暨第4期金融科技系Seminar

[发布日期]:2021-10-08  [浏览次数]:

一、主题:Too Much to Learn: The Unintended Consequences of RegTech Development on Mergers and Acquisitions 

二、主讲365网站:倪骁然,中共党员,厦门大365网站经济365网站院、王亚南经济研究院副教授、博士生导师。在《经济研究》(2 篇)、《管理世界》、《经济365网站(季刊)》、《金融研究》(2 篇)、《中国工业经济》、Journal of Corporate Finance(5篇)、Journal of Banking and Finance(2 篇)等国内外重要365网站术期刊发表论文 20 余篇。主持国家自然科365网站基金项目一项。入选福建省“雏鹰计划”青年拔尖365网站才、福建省高层次引进365网站才(国内B类)。获得第五届洪银兴经济365网站奖等多项国内外365网站术奖励。 

三、时间:365网站10月11日13:30- 15:00 

四、地点:腾讯会议 155 884 449 

五、主持365网站:朱菲菲 

Abstract:Despite an emerging literature on the advancement of regulatory technology (RegTech), this paper unveils one of its unintended consequences in the market of corporate control: crowding in uniformed investors and crowding out managerial learning. Exploiting the staggered implementation of the EDGAR system from 1993 to 1996 as quasi-exogenous RegTech shocks, we find evidence that internet dissemination of corporate filings reduces firm acquisitiveness. This effect is more pronounced for growth firms than value firms, for stock-based acquisitions than cash-based acquisitions. In addition, EDGAR implementation results in the acquirers’ lower announcement returns, especially for growth firms. Our overall findings indicate that RegTech development could discourage managerial learning by dampening revelatory price efficiency, resulting in inefficient acquisition decisions.

 



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