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    <title>EconStor Community:</title>
    <link>https://hdl.handle.net/10419/187544</link>
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        <rdf:li rdf:resource="https://hdl.handle.net/10419/241838" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/241840" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/241833" />
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    <dc:date>2026-05-02T22:46:14Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/241838">
    <title>Noise from online discussion forums: Evidence from IPOs in China</title>
    <link>https://hdl.handle.net/10419/241838</link>
    <description>Title: Noise from online discussion forums: Evidence from IPOs in China
Authors: Fei, Qingqing
Abstract: In this study, we use initial public offerings (IPOs) in China to investigate how online stock forums influence information asymmetry and IPO valuation. The empirical analysis isolates the underpricing and overvaluation components of initial returns. The number of forum comments, postings, and readings are positively associated with initial returns and the degree of underpricing, implying that forums create noise that exacerbates information asymmetry during IPOs. This effect is amplified by the quiet period regulation, which drives investors to rely on online discussion forums to obtain information. Through sentiment analyses of forum posts and media coverage, we find that the negative effect of online forums is more prominent when bad news prevails. We clarify the role of online stock forums in IPO pricing and information asymmetry by separating underpricing from overvaluation in initial returns.</description>
    <dc:date>2021-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/241840">
    <title>Board secretary and market information efficiency: Evidence from corporate site visits</title>
    <link>https://hdl.handle.net/10419/241840</link>
    <description>Title: Board secretary and market information efficiency: Evidence from corporate site visits
Authors: Xu, Weihang; Cao, Huijuan; Qin, Shuai; Kong, Xiangting
Abstract: Using the setting of corporate site visits, this study examines the information interpretation role of board secretaries on market information efficiency. We find that the presence of the board secretary during corporate site visits can significantly improve the information content of such visits. From the perspective of information interpretation ability, when the board secretary has a dual role, receives high relative compensation, and has a high level of education, his or her participation in site visits has a greater effect on improving the informativeness of such visits. From the perspective of information asymmetry, the information interpretation role of the board secretary is more pronounced when the level of information asymmetry between the firm and its investors is high. Further analysis shows that when the board secretary attends more site visits, the level of analyst forecast error is lower. In summary, we confirm the information interpretation role of board secretaries, which is useful for opening the "black box" of their participation in the information assimilation process and for better understanding of how to improve market information efficiency.</description>
    <dc:date>2021-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/241833">
    <title>External regulation, independent director attendance, and governance effects</title>
    <link>https://hdl.handle.net/10419/241833</link>
    <description>Title: External regulation, independent director attendance, and governance effects
Authors: Song, Leilei; Tian, Gary Gang; Liao, Guanmin
Abstract: In this study we examine how the regulation of director attendance disciplines directors' behavior, and consider the governance effect of such regulations. This examination exploits the differences between the requirements for director attendance at board meetings enacted by the Shanghai Stock Exchange (SHSE) and by the Shenzhen Stock Exchange (SZSE). Using a difference-in-differences model with a sample of A-share listed firms from 2006 to 2017, we document that the rate of meeting attendance by independent directors who serve with firms listed on the SHSE (SHIDs) has increased significantly since the exchange's enforcement of the regulation on attendance. This positive effect has been more pronounced for independent directors with legal backgrounds. Further investigations find that the regulation of attendance plays a corporate governance role through the mechanism of enhanced monitoring. The attendance regulation increases the SHIDs likelihood of casting dissenting votes, and it leads to both better accounting performance and higher firm value. In addition, SHIDs are more likely to depart from firms listed on the SHSE, and to transfer their directorships to firms listed on the SZSE, which has a less constraining attendance requirement. Our findings provide evidence of how external regulation shapes director attendance and voting behavior in emerging markets.</description>
    <dc:date>2021-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/241837">
    <title>Examining export trade and corporate innovation: A multiphase difference-in-differences method</title>
    <link>https://hdl.handle.net/10419/241837</link>
    <description>Title: Examining export trade and corporate innovation: A multiphase difference-in-differences method
Authors: Zhou, Donghua; Peng, Jianfei; Gao, Xue
Abstract: Using a multiphase difference-in-differences model, this study investigates the relationship between export trade and the corporate technological innovation of listed companies. It reveals that engaging in export trade increases corporate innovation input and output. In terms of patent output, export trade greatly promotes the output of invention patents and utility model patents with a high technological content. These conclusions remain valid after a series of robustness and endogeneity tests. Regarding the mechanisms of the observed relationships, export trade stimulates corporate technological innovation mainly by realizing economies of scale and increasing risk-taking. The positive correlation between export trade and corporate technological innovation is strongest among state-owned enterprises, non-high-tech enterprises, enterprises based in central and eastern China, enterprises engaged in general trade, and enterprises exporting to developed economies. Given the growing trade frictions ongoing at the time of writing, the conclusions of this study provide vital practical guidance and empirical evidence for a national strategy of innovation-driven development.</description>
    <dc:date>2021-01-01T00:00:00Z</dc:date>
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