德勤－复旦会计论坛系列讲座之一百六十二
时 间：2019年4月23日（周二）下午14：00
地 点：史带楼604室
主持人：朱振梅 副教授
演讲者：Edward Lee (University of Manchester)
主 题：Corporate Innovation and Stock Returns: A Natural Experiment through Foreign Trade Shocks
Co-authors：Haijie Huang, Edward Lee, Changjiang Lyu, and Kemin Wang
Abstract：We exploit the natural experimental setting based on foreign trade shocks to gain new insights into the positive relationship between corporate innovation and stock returns. The tension underlying our study stems from the long-standing debate in the literature between the mispricing and risk explanations of this relationship. As an identification strategy, we draw upon the exogenous and staggered events associated with trade penalties imposed by the U.S. government on Chinese products. Such penalties are expected to simultaneously increase investor attention and uncertainty among the Chinese firms of the affected industries. Consistent with the mispricing explanation, we observe a significant decline in the return predictability of corporate innovation among such firms following the foreign trade shocks and corroborative evidence of increased investor attention over the corresponding periods. Given the recent rise of international trade disputes, we provide timely and novel findings that such economic shocks can unintentionally stimulate market information efficiency of intangible assets.
会计学系
2019-4-18
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