德勤－复旦会计论坛系列242期讲座信息
时 间：2025年 1月2日（周四）下午1:30
地 点：李达三楼105教室
题 目：The information content of private information acquisition: Evidence from FOIA requests to the SEC
报告人：Dichu Bao （Lingnan University）
主持人：吕长江 教授
摘 要：
We examine whether the costly efforts of investors and non-investors to obtain private information from the SEC through the Freedom of Information Act (FOIA) requests provide a value-relevant signal about future performance. We find the FOIA requests, in aggregate, do not predict future stock returns of targeted firms. However, when we separate the FOIA requests into different groups, we find that requests filed anonymously or through proxies are negatively associated with future returns. The predictive power is stronger when firms are less transparent and more inclined to withhold bad news. We also find some evidence that FOIA requests regarding product innovation and technological efforts are positively associated with future returns and the predictive power is stronger when firms are in more competitive product markets. Finally, we find that FOIA requests raised anonymously or by proxies are positively associated with the trading activity of sophisticated investors. Overall, this study examines a diverse group of FOIA requesters, both investors and non-investors and the different value signals embedded in their private information acquisition.
会计学系
2024-12-24
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