德勤－复旦会计论坛系列讲座之一百九十一
时 间：2022年4月26日（周二）下午1:30
地 点：腾讯会议
会议链接：https://meeting.tencent.com/dm/xd58vRiLcnTy
会 议 号：665 810 76298
会议密码：046054
主 持 人：张金萍
主 讲 人： Gaoping Zheng (Royal Melbourne Institute of Technology)
主 题：Individual Investor Information Processing and Stock Price Informativeness: Evidence from a Quasi-Natural Experiment
摘 要： After staggered mandatory interactions between listed firms and individual investors, which only allow listed firms to explain existing information, exogenously enhance individual investors’ information processing, our difference-in-differences analysis shows that s tock price informativeness measured by idiosyncratic volatility declines significantly, suggesting that better information processing for individual investors reduces stock price informativeness. Our results are robust to different proxies for stock price informativeness. Moreover, information production by individual investors decreases as they make fewer discussions via online investing forums afterward. Last, the decline in price informativeness is not likely driven by unobservable omitted factors or the reduced noise in stock prices.
会计学系
2022-4-21
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