为了活跃澳门永利yl6776会计学科的学术研究氛围，激发既有教师与在校研究生的学术研究热情和积极性，促进教师之间、教师与研究生之间、研究生彼此之间的深入交流、思想碰撞与知识分享，我们组织了由澳门永利yl6776会计学科的常任教师、博(硕)士研究生、国际访问学者等作为报告人的系列Seminar。该Seminar将冠以“澳门永利yl6776会计学科教师与研究生系列Seminar”的总标题，从2017年3月14日起，每周周二下午15:00-17:30举行。该Seminar与已有的“财务、会计Seminar”(主要聘请校外与境外的学者担任报告人) 相互补充，以期能够更好地推动澳门永利yl6776会计学科的学术发展。

题  目：Corporate Disclosure and Revelatory Price Efficiency: The Case of Capital Investment Guidance

报告人：沈江华 助理教授

主持人：张国清 教授

时  间：2019年10月29日（星期二），15:00-17:30

地  点：嘉庚二208室

论文摘要：We examine how management capital investment guidance affects revelatory price efficiency (RPE), which refers to the extent to which prices reveal new information for managers to make real decision. Using a difference-in-differences design, we find significantly higher investment-q sensitivity after capital investment guidance initiation. Additional analyses show that this result is driven by managers learning from prices, as opposed to market learning from managers, increased monitoring, or alleviated financial constraints. In contrast, initiating management earnings guidance decreases investment-q sensitivity. Our results are consistent with theoretical predictions in Goldstein and Yang (2019) about implications of different types of disclosures for RPE.