讲座内容：Does supplier stability matter in initial public offering pricing?
讲座教师：陈锦全教授（Kam C. Chan） 美国西肯塔基大学
讲座时间：2019年6月17日（周一）上午10点30 分
讲座地点：文泉楼南401大会议室
论文摘要
Leveraging the availability of supplier and pre-IPO information in China, we examine the impact of supplier stability information disclosure on the IPO discount using a sample of Chinese firms. Our findings suggest that when an IPO firm has stable suppliers, it has less IPO discount than an IPO firm with unstable suppliers. The results are robust to alternative measures of IPO discounts and supplier stability, and they are consistent with the information asymmetry explanation of IPO discount. Hence, IPO firms can leave less money on the table by maintaining stable suppliers. In addition, we document that stable supplier IPO firms, on average, exhibit higher real earning management in terms of discretionary production cost and trade credit than those of unstable supplier IPO firms. Furthermore, the different-in-differences analysis suggests that consistent stable supplier IPO firms have a higher share of purchasing ratios than those of unstable supplier IPO firms post-IPO. The findings are consistent with the notion that stable suppliers transmit benefits to IPO firms pre-IPO to help these firms get regulatory approval, and, post-IPO, the IPO firms return the favor to the stable suppliers.
专家简历
陈锦全，Kam C. Chan，美国西肯塔基大学杰出金融学教授，美国特许财务分析师（Chartered Financial Analyst），曾任中南财经政法大学的富布赖特学者（Fulbright Scholar）。主要研究方向是分析师、财务管理、首次公开募股和金融教育，其中金融研究世界排名140（Table 2 of Jean Heck and Philip Cooley 2009 study: “Most prolific authors in the finance literature: 1959-2008”, SSRN-id1355675），金融教育世界研究排名第一（in Table V of Morris Danielson and Jean Heck “An analysis of the research productivity of authors appearing in financial education journals”, Managerial Finance, 2011, 37 (7), 658-670)。发表200 篇期刊论文，其中，顶级会计杂志学术论文2篇（Accounting, Organizations, and Society；Contemporary Accounting Research），顶级国际商务杂志学术论文1篇（Journal of International Business Studies），发表其他高水平学术论文超过50篇（e.g.,Journal of Business Ethics 3篇；Journal of Banking and Finance 3篇；Journal of Corporate Finance 7篇；Journal of Empirical Finance 4篇）。
