主題：The Role of the Director
Social Networks in Spreading Misconduct: The Case of Reverse Mergers （從反向并購案例看：高管社會關系網在不當行為蔓延中扮演的角色）
主講人：王自幹，香港大學經濟與金融學院助理教授
日期：2015年9月4日（周五）
時間：中午 12:30-13:30
地點：清華Betvictor中文版4号樓101
語言：英文
摘要：
In the past decade, a
growing number of foreign firms were listed in the United States through
reverse merger, a non-IPO listing technique that requires less information
disclosure. Using a hand-collected data of US-listed Chinese firms, this paper
asks and answers three questions. First, are the foreign firms as good as the
bonding theory suggests? No, I find
widespread delistings in these firms and I summarize the evidences in lawsuit
filings showing their misconduct. Second, why do the bad firms list? I find
that the firms’ directors profit from fast stock sales after listing. Moreover,
these firms tend to be US-incorporated reverse mergers that are headquartered
in small cities, are audited by small firms, and that change their auditors
frequently. Third, how did the foreign owners learn this technique to avoid the
US regulation? Using a social network analysis, I find that the firms are
assisted by financial professionals to help them. Further, I find that the
social network of the linked directors facilitates the spread of their
misconduct. During the wrongdoers’ listings, the investors in these firms lost
at least $811 million. However, the penalties charged to the wrongdoers only
accounted for 4.19% of this loss.
主講人簡介：
Zigan Wang is an
assistant professor of finance at School of Economics and Finance, University
of Hong Kong. His current research interests are empirical asset pricing,
empirical corporate and international finance. Dr. Wang earned a Ph.D. in economics
from Columbia University and B.A. in economics from Tsinghua University. Before
joining the University of Hong Kong, he was an adjunct instructor at the State
University of New York at Old Westbury.
