2021年“龍馬之星”博士生論壇（第二期）

時間：2021年10月30日

 

報告1

時間：9:00-10:00

報告：The Empire Strikes Back: Supplemental Proxy Disclosure in Response to ISS Unfavourable Recommendations

報告人：陳璐（新加坡南洋理工大學）

摘要：When Institutional Shareholder Services (ISS) issues recommendations unfavorable to the management, some listed firms choose to fight back by sending supplemental proxy disclosure to shareholders in an attempt to sway shareholders’ opinions. I show that firms with a larger size, higher institutional ownership, lower insider ownership, and better corporate governance are more likely to do so. The supplemental proxy disclosure is effective in tilting the voting outcome in favor of the management. The stock market reacts positively when firms provide the supplemental proxy disclosure. Further investigation shows that the supplemental proxy disclosure is more effective in winning shareholder voting support when it is easier to read, has a lower positive tone, discusses factual errors in ISS analysis, and quotes management-favorable recommendations from other proxy advisors. Overall, the paper shows supplemental proxy disclosure is effective in changing investors’ opinions in the battle for votes.

報告人簡介：

陳璐，新加坡南洋理工大學會計系博士研究生（2017-至今），研究生畢業于香港科技大學，獲經濟學碩士學位，本科畢業于南開大學，獲金融學學士學位。研究方向為信息披露，代理投票顧問，文本分析，公司治理。

 

報告2

時間：10:00-11:00

報告：Local Newspaper Closures and Bank Loan Contracts

報告人：張玥（北京大學光華管理學院）

摘要：We examine changes in bank loan contracts after borrowers experience a nearby local newspaper closure. Compared to a sample of control firms, we find that the closure of a local newspaper leads to higher interest spreads for borrowers. The effect is stronger when the local newspaper is more important for information generation, when the borrower’s information environment is poor, when accounting quality is low, or when external monitoring is weak. We show that this effect is robust to different research design specifications, matching samples, and that it is not related to a deteriorating local economic condition. Our findings suggest that local media still plays a significant role in the debt markets, even in the internet era.

報告人簡介：

張玥，北京大學光華管理學院會計學博士研究生，曾獲國家留學基金委資助赴加拿大多倫多大學羅特曼商學院會計系訪學1年。研究方向為貸款合約、企業創新。研究成果被國際會議The Annual Accounting Symposium in SMU，CAAA Annual Conference，EAA Annual Congress以及《中國會計評論》等期刊錄用。