讲座时间：6月26日上午 10:00
讲座地点：九里校区零号楼0411室
讲座题目：Stock Market Liberalization and Firm-level Stock Price Crash Risk*
Evidence from “Shanghai-Hong Kong Stock Connect” Scheme
讲座内容：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.
主讲人简介：魏向东（Steven X. Wei），加拿大多伦多大学经济学博士，现任香港理工大学会计与金融学院副教授，兼任香港理工大学尚乘金融科技学院（AMTD FinTech Center at PolyU）执行院长，美国金融学会会员。曾先后在香港科技大学、新南威尔士大学工作。魏教授的工作发表在国际顶级/重要学术期刊，如 Journal of Financial and Quantitative Analysis、Journal of Business、Journal of Banking and Finance、 Journal of Business Finance and Accounting.
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