講座時間：6月26日上午10:00

講座地點：九里校區零號樓0411室

講座題目：Stock Market Liberalization and Firm-level Stock Price Crash Risk*

                  Evidence from “Shanghai-Hong Kong Stock Connect” Scheme

講座內容：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.

主講人簡介：魏向東（Steven X. Wei），加拿大多倫多大學經濟學博士，現任香港理工大學會計與金融學院副教授，兼任香港理工大學尚乘金融科技學院（AMTD FinTech Center at PolyU）執行院長，美國金融學會會員。曾先后在香港科技大學、新南威爾士大學工作。魏教授的工作發表在國際頂級/重要學術期刊，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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