时间：2025年4月1日（周二）13:00-16:30

地点：柳林校区诚正楼645室、腾讯会议750-696-368

主持人：陈磊 教授（永利yl23411集团官网院长助理）

时间：13:00-13:30

报告1：The Power of Visuals: Examining the Use and Impact of Infographics in IPO Disclosures

报告人：吴青蔓（罗格斯大学）

摘要：Mandatory disclosures serve a pivotal role in financial reporting, facilitating investors’ assessment of firm performance and enabling informed decisions-making. While extant literature has primarily focused on textual disclosures, the increasing use of visual elements, particularly infographics, in corporate disclosures remains underexplored. This study examines the use of infographics in the Initial Public Offering (IPO) context, the factors associated with their usage, and their impact on disclosure effectiveness. Using a dataset of U.S. IPO firms from 2001 to 2021, we find a consistent upward trend in the use of infographics in S-1 filings. Through an examination of their influence on IPO underpricing, our results suggest that infographics enhance disclosure transparency and reduce information asymmetry, as evidenced by reduced IPO underpricing. These findings offer important implications for regulators, investors, and firms regarding the strategic use of visual content in financial reporting. Our study contributes to the growing body of literature on disclosure effectiveness and extends the understanding of how visual elements can shape information environments in capital markets.

时间：13:30-14:00

报告2：Are retail investors attracted to green firms? Evidence from extreme weather events

报告人：于巧叶（牛津大学）

摘要：This paper investigates whether retail investors are more likely to invest in “green” companies after extreme weather events happened. Theoretical literature proposes that green stocks outperform brown stocks when concerns about climate change are unexpectedly strengthened. Retail investors, who are generally less sophisticated than institutional investors, are more likely to pay attention to prominent events, and may place greater importance on ESG information. Using extreme weather events as an exogenous shock to climate change concerns, this study finds that retail investors are more likely to net buy shares in green firms after an event. This study also finds that green firms have better cash flow prospects after extreme weather events, whereas retail investors net-buying activity on green firms are not driven by those firms with better financial performances. These findings suggest that firms with high ESG disclosure scores are better able to withstand such events and retail investors net buying activity on green firms is non-pecuniary related.

时间：14:00-14:30

报告3：Mandatory ESG Disclosure and Shareholder Activism: International Evidence  

报告人：程冕（南方科技大学）

摘要：Leveraging the staggered adoption of mandatory environmental, social, and governance (ESG) disclosure requirements (ESG mandates) across various countries and regions around the world as exogenous events, this study demonstrates that ESG mandates significantly reduce the likelihood that firms encountering ESG focused shareholder activism campaigns in these countries. Additionally, the study finds that ESG mandates decrease the probability that managers in firms targeted by ESG-related activism will respond favorably to activist stakeholders. The impact of ESG mandates, however, is not uniform and varies depending on country-, regulation-, activist-, and firm-level characteristics. Specifically, this effect is more pronounced for firms headquartered in countries with lower levels of ESG awareness, firms in countries with stricter enforcement of ESG mandates and with the adoption of better ESG reporting standards, firms exhibiting improved ESG practices, and firms facing less-experienced activists compared to their counterparts. Finally, our findings indicate that shareholder activism exerts a stronger influence on corporate ESG practices in firms that are not subject to mandatory ESG disclosure requirements. Collectively, these results suggest that ESG-focused shareholder activism acts as a compensatory mechanism in the presence of institutional voids in ESG regulation, thereby promoting enhanced ESG practices.

时间：14:30-15:00

报告4：Taking the Pulse of Firm Innovation from Online Job Postings  

报告人：杜英（西安交通大学）

摘要：In this study, we analyze data on online job postings by US public firms to investigate their R&D activities. Our findings reveal a consistent increase in the demand for R&D human capital from 2010 to 2021. Controlling for other commonly used indicators of firms’ R&D activities, such as R&D expenses and narrative R&D information in 10-K filings, we find that R&D job postings possess incremental predictive power for firms’ future innovation performance. This predictive power is particularly pronounced for firms with higher growth opportunities or lower labor intensity and for R&D job postings that require disruptive technology skills or advanced education. Furthermore, the skills listed in R&D job postings align with the types of patents firms file in the future. Overall, our results highlight the significance of R&D job postings as a valuable source of information regarding firms’ innovation activities.

时间：15:00-15:30

报告5：Discretionary Consolidation, Income Structure Distortion, and Valuation Implications under De Facto Control-based Standards  

报告人：毛聚（中国人民大学）

摘要：This study exploits a rich dataset from China to provide investee-level evidence on how firms leverage the discretion inherent in the concept of de facto control to manipulate the scope of consolidation. Specifically, firms strategically consolidate investees that inflate consolidated gross and operating profits while deconsolidating those that do not, thereby distorting the consolidated income structure. This effect is more pronounced when financial reporting incentives are stronger, when accrual-based earnings management reaches its limits, and when firms have greater discretion available. We also find that investees consolidated to boost core earnings exhibit weaker economic ties with the parent company, reinforcing the notion that firms manipulate the scope of consolidation for financial reporting purposes rather than reflecting economic substance. Finally, we demonstrate that such income distortion impairs the market’s ability to predict future earnings, leading to negative valuation implications. Overall, our findings highlight the adverse financial reporting consequences of the discretion embedded in de facto control, offering important insights for standard setters, securities regulators, and investors.

时间：15:30-16:00

报告6：公司治理专项行动与产品创新——来自商标申请的证据

报告人：王鹏程（浙江工业大学）

摘要：新质生产力的本质在于创新。本文首次利用上市公司治理专项行动开展形成的准自然实验，考察其对公司产品创新的影响及作用机制。本文基于国家知识产权局商标局中国商标网，手工整理上市公司76万余条商标申请数据，构建一个衡量公司产品创新的新数据集。基于这个新数据集的双重差分结果显示，上市公司治理专项行动能够使公司产品创新提高约7.07%。内部现金流增加、高管与员工激励增强是上市公司治理专项行动提高公司产品创新的主要作用机制。当行业竞争程度较强、地区营商环境较好时，上市公司治理专项行动促进公司提高产品创新的效应更大。本文还发现上市公司治理专项行动带来的产品创新提高能够进一步提升公司的产品市场表现。本文为上市公司治理专项行动的经济效应提供了新证据，对于理解专项行动在激发公司产品创新活力、加快发展新质生产力中的重要作用具有启示意义。

时间：16:00-16:30

报告7：The Price of Employee-Related CSR Deficiencies: Evidence from Peer Auditor Death

报告人：谢裕慧（厦门大学）

摘要：Drawing on the post-trauma growth theory, this study examines whether peer auditor death, a proxy for extreme employee-related CSR deficiencies, affects auditor exit from the auditing industry. Using a sample from the Chinese auditing market during over 2010–2019, our findings reveal that peer auditor death is significantly positively associated with auditor exit from the auditing industry. Moreover, our findings are robust to a variety of sensitivity tests using alternative proxies for peer auditor death and auditor exit. Besides, the relation between peer auditor death and audit exit is more pronounced for disease-related auditor death, longer-tenured deceased (dead) auditors, audit offices with high workload, younger auditors, and audit offices in provinces with higher marketisation indexes. Lastly, peer auditor death leads to an increase in auditor resignation at the audit office level and a decreased likelihood that auditors exiting from the auditing industry serve as top managers in listed firms.