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学术沙龙:Stock Market Liberalization and Firm-Level Stock Price Crash Risk Evidence from “Shanghai-Hong Kong Stock Connect” Scheme
文:人力资源部教师发展中心 来源:经管学院 党委教师工作部、人力资源部(教师发展中心) 时间:2019-06-27 4710

  人力资源部教师发展中心“学术沙龙”活动特别邀请香港理工大学魏向东副教授来校交流,具体安排如下,欢迎广大师生参加。 

  一、主 题:Stock Market Liberalization and Firm-Level Stock Price Crash Risk Evidence from “Shanghai-Hong Kong Stock Connect” Scheme

  二、时 间:2019年6月28日(周五)上午10:20-12:00

  三、地 点:清水河校区经管楼C103

  四、主讲人:香港理工大学 魏向东 副教授  

  五、主持人:经济与管理学院 李亚静 副教授

  六、内容简介:

  The “Shanghai-Hong Kong Stock Connect” Scheme, implemented on 17 November 2014, allows investors of the two markets to trade securities in each other's markets by using the trading and clearing facilities of their home markets. As a partial liberalization of the A-share stock market in Shanghai, the stock connect scheme provides a unique and natural setting to examine its potential impact on stock price crash risk in the A-share market. Using a propensity score matched sample and a difference-in-differences approach, we find that firm-level stock price crash risk is reduced after implementing the stock connect scheme.  Our further analyses show that the crash risk reduction is more pronounced for firms with poor information quality, and for those with weak corporate governance. Since the stock connect scheme is exogenously arranged by the Shanghai and Hong  Kong  stock  exchanges,  our  findings  hence  are  free  from  the  endogeneity  problem  that commonly plagues the empirical studies in the literature of stock market liberalization. Our results should be of interest to regulators and policy makers in emerging countries.

  七、主讲人简介:

  魏向东,香港理工大学金融学副教授,加拿大多伦多大学经济学博士。目前已在“Journal of Business Finance and Accounting”“Journal of International Accounting Research”“Journal of Financial and Quantitative Analysis ”等国际重要期刊发表多篇学术论文。担任香港城市大学、香港中文大学等多所大学的外部审查员,担任“Canadian Journal of Economics”“Empirical Economics”“Journal of Asia Pacific Finance”等多个学术期刊的特设审稿人,现任香港证券专业学会的工作组成员。


编辑:李果  / 审核:李果  / 发布:陈伟

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