题 目：How Local and Foreign Investors React to Public News

报告人：Wei Xiong,Princeton University

时 间：2012年12月14日（周五）10:00-11:30

地 点：成人直播新楼217室

Abstract:This study uses the unique, segmented dual-class shares of Chinese firms---A shares traded inside China by local investors and H shares traded in Hong Kong by foreign investors---to analyze how local and foreign investors react to public news on the same underlying firms. We find significant heterogeneity in their reactions: 1) foreign investors react more strongly to earnings announcements; 2) foreign investors react more strongly to earnings forecast revisions issued by foreign analysts, while local investors react more strongly to forecast revisions issued by local analysts. The first finding supports an information-asymmetry based hypothesis that local investors are more informed about local firms, and the latter supports a trust based hypothesis that investors tend to trust information from sources they are familiar with.