報告題目：Peers’ Disclosure of Investment Plans and Market Feedback to Managers
報 告 人：賈曉莉
報告地點：騰訊會議（會議號 190 329 610）
Capex guidance disclosed by a firm’s peers provides useful information about their investment plans. We document a positive association between peers’ capex guidance and managerial learning about investment opportunities from stock prices, as captured by investment-q sensitivity, which is consistent with peers’ disclosure of investment plans encouraging investors’ information processing and thereby providing stock price-based feedback to managers. In cross-sectional analyses to provide further support for this argument, we find that this relationship is more pronounced when peers’ guidance is more informative, when managers have more incentives to learn from stock prices, and when the market can aggregate private information more effectively. Finally, we document that in the long term, firms’ product market share increases when peers disclose their capex guidance, suggesting that improvement in managerial learning translates into better product market performance. Overall, this paper offers insight into how peers’ disclosure of investment plans influences information feedback from the market to the focal firm.
賈曉莉，香港大學會計學博士后，香港理工大學會計學博士。研究領域包括企業信息披露與投資、銀行會計、信息中介等。相關成果發表于European Accounting Review（已錄用）。 參與Hong Kong Research Grants Council General Research Fund、國家自然科學基金項目。
撰稿：曲琦 審核：許浩然 單位：會計學院