德勤－复旦会计论坛系列讲座之一百十三

时间：2017年1月6日（周五）下午13：30

地点：史带楼303室

主持人: 陈超教授

演讲嘉宾：Sean Cao (Georgia State University)

Title：Private Information Acquisition and Corporate Investment: Evidence from Site Visits

Abstract：This study examines whether corporate site visits by institutional investors and financial analysts affect managers’ investment decisions. By allowing visitors to observe physical production facilities and interact with both top and middle-level management, corporate site visits represent a unique private information acquisition activity. Results show that firms having more site visits are more likely to curtail overinvestment after controlling for selection bias, but we do not find evidence that site visits relate to underinvestment. Furthermore, the negative relation between site visits and subsequent overinvestment is more pronounced when on-site information acquisition is potentially more valuable, when visitors are less optimistic about the firms’ potential or have greater bargaining power and when visited firms have weaker governance. The overall evidence supports the notion that corporate site visits can enhance visitors’ understanding of corporate investment activities and can curb managerial incentive to engage in excessive investments. This study sheds light on the real effect of private information acquisition on managerial decisions, which is generally considered inconsequential in prior literature.

会计学系

2016-12-29