【讲座时间】2026年7月15日 10:30
【讲座地点】会计学院106室
【讲座主题】Comments that Count: Corporate Influence in SEC Governance Rulemaking
【嘉宾介绍】Pengfei Ye，Pamplin College of Business
Pengfei Ye is currently a visiting scholar at the Stern School of Business at New York University. Previously, Pengfei Ye worked at Virginia Tech and Rensselaer Polytechnic Institute. His research interests include corporate finance (managerial incentive design, M&A, human capital, and innovation), investments (the roles of institutional investors in asset pricing and market efficiency), and, more recently, the economics of financial regulations. His work has been published in journals such as the Journal of Financial Economics, Journal of Accounting and Economics, and Journal of Financial and Quantitative Analysis.
【内容提要】
We investigate the motivations, effectiveness, and shareholder-value implications of public firms’ attempts to influence the SEC’s governance-related rulemaking. Our analysis leverages large language model-assisted text analysis and citation tracking to examine comment letters submitted during the rulemaking process. We find that public firms predominantly submit pro-management comment letters and that these firms tend to exhibit weaker governance characteristics. Notably, public firms’ letters are more likely to be cited in final rules and lead to material changes aligned with their positions-particularly when advocating for pro-management changes. Moreover, public firms whose pro-management letters are cited in pro-management material changes experience significantly negative abnormal stock returns upon the release of the final rule. Together, these findings suggest that public firms leverage the rulemaking process to protect entrenched managerial interests at the expense of shareholder value.
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