【讲座时间】2025年4月8日 14:00
【讲座地点】会计学院108室
【讲座主题】Financial Misconduct and Import Penetration
【嘉宾介绍】周雨晴，香港中文大学商学院助理教授
Prof. Yuqing Zhou joined The Chinese University of Hong Kong (CUHK) Business School in 2022 as an Assistant Professor. Her primary research interest focuses on the real economic effects of accounting. She seeks to conduct theory-based empirical research and link accounting issues to labor market, product market, and international trade. She is also interested in voluntary disclosure. She received her PhD in Economics from Michigan State University, PhD in Accounting from UCLA Anderson, and BA in Finance from Peking University.
【内容提要】
This paper examines the impact of financial misconduct announcements on import penetration. We find that industry-level import penetration increases significantly following such announcements by regulators. The effects are more pronounced in industries with higher profit margins, lower competition, high-quality products, consumer goods production, greater pre-fraud overinvestment, and in countries that have stricter financial disclosure regulations. We then examine firm-level data and observe that foreign firms are more likely to export into an industry after regulators announce a financial misconduct enforcement action against a U.S. firm. Additionally, the import volumes from these foreign firms rise significantly. The effects are stronger for foreign firms that are better positioned to exploit the product market opportunities created by domestic accounting fraud. Our study provides new insights into how financial misconduct can shift the competitive dynamics between domestic and foreign firms in domestic product markets.
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