讲座：Technology, Governance and Share Price Informativeness – Evidence from A Mandatory Adoption of Online Voting Access 发布时间：2023-09-11
题 目：Technology, Governance and Share Price Informativeness – Evidence from A Mandatory Adoption of Online Voting Access
嘉 宾：倪晨凯 教授 复旦大学
主持人：张珂源 助理教授 上海交通大学安泰经济与管理学院
地 点：上海交通大学 徐汇校区安泰楼A507室
In this study, we examine whether technological advances can improve share price informativeness by increasing minority shareholders’ governance participation and information acquisition. We exploit China’s mandatory adoption of online voting access to shareholder meetings in 2013. The adoption substantially lowered minority shareholders’ costs of governance participation, thus increasing their information acquisition incentives for casting informed votes. We find that treatment firms (firms with greater postadoption increases in the voting participation of minority shareholders) experience a significant increase in share price informativeness than control firms after the adoption. Consistent with minority investors’ increased information acquisition, treatment firms receive more posted questions on a major investor interactive platform and higher retail trading intensities after the adoption. Heterogeneity analyses suggest that the positive effect of online voting adoption on share price informativeness is more pronounced for firms with more minority shareholders, higher uncertainty, stronger information demand from investors, and greater risks of expropriations by controlling shareholders. Finally, managers learn more from the share prices of treatment firms after the adoption, as manifested through higher investment-q sensitivities, suggesting that investors acquire information beyond what is provided by managers.
倪晨凯，复旦大学管理学院会计系教授。他在新加坡国立大学获得会计学博士学位，在北京大学获得工程结构分析学士学位。他的研究兴趣包括信息披露、市场有效性、个人与企业税负。他的研究成果发表于《The Accounting Review》《Journal of Financial and Quantitative Analysis》《Review of Accounting Studies》《管理世界》和《会计研究》等顶尖期刊。