所属栏目:新金融/政府政策与监管/2022/2022年第02期目录

Can RegTech Enhance Investor Protection? Evidence from China
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发布日期:2022年06月29日 上次修订日期:2022年06月29日

摘要

We document that firms' strategic reactions could hamper the effectiveness of RegTech. Our paper focuses on one RegTech innovation in China—online platforms launched by stock exchanges for investors to communicate with listed companies. We find that firms provide a number of no-answer replies—answers without clear, specific, or useful information—to investors' questions. Consistent with strategic information hoarding, no-answers are shown to be associated with subsequent unfavorable news. Moreover, firms with higher no-answer rates tend to have lower price efficiency, higher return volatility, and higher stock price crash risk. The evidence suggests regulators' objective of enhancing investor protection is not fully fulfilled.
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Yuqin Huang; Maobin Xu; Tong Li Can RegTech Enhance Investor Protection? Evidence from China (2022年06月29日) https://www.cfrn.com.cn/dzqk/detail/12405.html

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