讲座时间：2021年6月26日（周六）18:00—20:00

讲座时间2021年6月19日，18:00-20:00，讲座地点上海财经大学会计学院109

现代金融理论是建立在资本资产定价模型（CAPM）和有效市场假说（EMH）两大理论基石之上的。然而，随着研究的深入，众多金融异象的出现动摇了理性人假说。Kahneman和Tversky率先提出了前景理论，开创了行为金融学的先河。随着大数据的发展，金融学者将更多维度的数据应用到投资者行为的研究中去。本文从投资者异质性、处置效应、地域偏好、行业偏好、博彩偏好、社会互动，以及投资者行为的决定因素共7个角度，总结了大数据背景下的投资者行为研究文献，并结合当前的技术和金融市场的发展，提出了未来的研究方向。

In syndicated lending, lead lenders choose to involve co-lead lenders to share administrative and monitoring tasks. We proposed that the co-lead syndicate structure potentially mitigates agency problems between lead lenders and participant lenders. As lead lenders’ simultaneous holding of borrowers’

We hypothesize and find that voluntary disclosure of attributing bad news to uncontrollable factors in earnings conference calls helps investors resolve cognitive dissonance, and thus they display a reserve-disposition effect (Chang, Solomon, and Westerfield 2016). Specifically, when firms disclose

【报告主题】观察社会现象 研究会计治理问题【主讲嘉宾】重庆大学 辛清泉【报告时间】2021年4月9日

This presentation reviews recent theoretical development in the relationship between mandatory disclosure and earnings management, explores its links to the empirical literature and discusses future research topics in this area.

本文基于580多万条公司招聘数据，分析了近年来各地纷纷加入“抢人大战”而出台的人才政策，对企业研发人才招聘和企业创新的影响。本文发现，首先，受到人才政策影响的企业，研发人才招聘数量显著上升；其次，这一效应在人才政策补贴力度更大、补贴种类更多、门槛要求更低的地区更加凸显；再次，人才政策的效果在企业利用人才的动机更强、所在城市经济发展水平更高和科研环境更成熟时更好。最后，人才政策出台后，企业的研发投入额和专利产出也显著提升。本文首次从研发人才招聘的角度，为人才政策对企业创新的影响效果和具体机制，以及其发挥作用的边界条件提供了微观证据，扩充了政府和制度因素对企业创新的影响手段与效果方面的研究，并为加

Firms in emerging markets often channel information to capital providers in their private network where trust-based dissemination enables the recipients to better verify and interpret information. In this paper, we use a regulation change that required Shenzhen firms for a more timely and transparen

This study examines the role of block ownership of banks by the same institutional investor (common ownership of banks) in the syndicate loan market. We find that common ownership of the lead and participant banks is related to both a lower loan spread and a lower syndicate concentration. These rela

【报告主题】Recognizing More Internally Generated Intang