喻园管理论坛2022年第20期(总第789期)

演讲主题: Information Diffusion along the Broker-Client Relationship around Share Pledging

主 讲 人: 廖   珂，武汉大学经济与威尼斯欢乐娱人城·首页会计系讲师

主 持 人: 李安泰，威尼斯欢乐娱人城·首页财务金融系讲师

活动时间: 2022年6月16日（周四）10:30-12:00

活动地点：管理大楼107教室

主讲人简介：

廖珂，武汉大学经济与威尼斯欢乐娱人城·首页讲师，中国注册会计师协会非执业会员。主要研究领域为财务会计与公司治理。研究成果发表于《金融研究》《会计研究》《世界经济》等权威学术期刊，主持国家自然科学基金青年基金项目、教育部人文社会科学研究青年基金项目。担任《金融研究》《世界经济》《Journal of Banking and Finance》《Corporate Governance: An International Review》《Financial Research Letters》等期刊匿名评审人。

活动简介：

With the increasing prevalence of share pledging, the brokerage firms acting as the lenders of pledged loans can acquire private information from the pledgers and disseminate such information to fund clients. As a result, those funds that are connected with brokerage firms via the payments of commission fees can benefit from the private information diffused in broker networks. Using the unique data of Chinese brokerage firms engaged in share pledging and the mandated disclosure of commission fees paid by Chinese mutual funds, we find that connected funds’ trading is more predictive of future firm performance than other funds. This study extends our understanding of the brokerage firms’ role in directing the information flows within broker networks and the impact of shareholders’ share pledging on firms’ information environment.