德勤－复旦会计论坛系列讲座之一百二十八

　　时间：2017年9月25日（周一）下午13：30

　　地点：史带楼502室

　　主持人: 张新 副教授

　　演讲嘉宾：Bohui Zhang (The University of New South Wales)

　　Title：The Power of the Passive Information Intermediary: Evidence from Google’s China Exit

　　Abstract：We study firm’s strategic disclosure behavior when investors’ channel to access firm-specific information is severed. We conduct textual analysis and exploit an exogenous event—Google’s 2010 surprising pull out from mainland China, which significantly hinders domestic investors’ ability to search for foreign information. We find that Chinese domestic firms’ announcements on their foreign investments become more bullish after Google’s exit in comparison to similar announcements prior to the exit and to those that involve only domestic investments. Firms with existing foreign operations issue rosier annual reports and more likely manage their earnings upwards following Google’s withdrawal. This effect is mitigated in the presence of foreign investors, or if the firm is covered by analysts affiliated with foreign brokers, who are not subject to the censorship of foreign information by the Chinese government. A more optimistic announcement or annual report allows insiders to sell more shares at a higher price. Our findings shed light on the governance role of passive information intermediaries such as search engines.

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