Date: May 13, 2021

Time: 14:30 - 16:00 pm

Venue: Room 0411, Teaching Building 0#, Jiuli Campus

Event Details:

Lecturer: Professor Guo, Haifeng

About the Lecturer:

Guo Haifeng is a professor, doctoral supervisor, head of the finance department and subject leader of the School of Economics and Management in Harbin Institute of Technology. She is also the member of the 13th CPPCC. She received a PhD in Econometrics from Monash University in Australia and a PhD in Management from Harbin Institute of Technology. She was selected into the 2013 New Century Excellent Talent Support Program of the Ministry of Education, the 2014 Heilongjiang Young Talents Program and the Harbin Institute of Technology Outstanding Talent Cultivation Program for Basic Research. She is also the winner of the 2015 Heilongjiang Province Returned Scholars' Selection of Funds and the 2016 China Development Bank Science and Technology Innovation Award. She is mainly engaged in research in corporate finance, financial technology, and regulatory technology. In recent years, she has published many papers in domestic and foreign journals as the first author or corresponding author, including International Review of Economics and Finance, International Review of Financial Analysis , Applied Economics, Technological and Economic Development of Economy, Neurocomputing, etc.. As the person in charge, she presided over 21 various scientific research projects with more than 12 million research funds, including 1 national key research and development plan, 2 national natural science fund projects, the Ministry of Education's New Century Excellent Talent Support Program, and  2 projects of the National Computer Network and Information Security Management Center, the special funding for postdoctoral fellows in China, the Humanities and Social Sciences Fund of the Ministry of Education, the Doctoral Program Fund of the Ministry of Education, etc.. She participated in 1 key project of the National Natural Science Foundation of China. Among them, the national key research and development project that she presided over is the first batch of special projects on blockchain technology in the "Cloud Computing and Big Data" of the Ministry of Science and Technology.

About the Lecture:

This lecture examines how risk-related information gathered from the period between the IPO filing date and the offering date affect the IPO pricing in the Chinese stock market. We propose a new approach by examining the textual difference of IPO prospectuses from filing to offering date and gauge the risk-related feedback information from regulators and institutional investors during the information gathering process. This approach is effective in measuring litigation risks and reflecting the attitudes of regulators and institutional investors. Further, the reactions of issuers and investors to risk feedback are quite different. Issuers will revise the offering prices according to the risk feedback, specifically over-react to negative feedback and under-react to positive feedback, consistent with the partial adjustment theory. However, investors pay their attention on whether risk information is fully disclosed in the pre-issue period or not, and they need more compensation for risk-taking IPO investments. All the evidences prove that the restrict disclosure requirements during the information gathering process are crucial for the second market performance.