讲座内容：Do You Hear the People’s Saying? Retail Investor Activism
主讲人简介：杨勇教授先后于北京大学光华管理学院毕业取得财务管理学专业学士及国民经济学硕士学位，随后从美国西北大学 (Northwestern University)毕业取得会计学博士学位。杨勇教授先后在国际知名会计和管理学期刊如The Accounting Review, Management Science,和Review of Accounting Studies等上发表多篇论文，现为The Accounting Review和ChinaJournal of Accounting Studies的编委会成员，并为其它诸多知名会计，管理, 和经济学期刊做匿名审稿人。杨勇教授对企业社会责任，财务信息中介，和公司治理有浓厚研究兴趣。
Abstract: In a setting where market regulators provide supportive measures, we study whether and whenretail investors turn more active in engaging with firm management and whether such engagementhas any economic consequence. We find that, consistent with retail investors’ general inclination to free-ride on sophisticated investors for corporate governance, they become more active in interacting with management when institutional investors, especially the active ones, withdrawfrom the firm: They are more proactive in requesting information from management. At the sametime, they are more likely to lodge complaints about and offer suggestions and advice tomanagement. Other than information about firm performance and stock prices, retail investors alsoenquire about various fundamental issues such as corporate governance, accounting treatments,business operation, material transactions, and macro-policy effects. In addition, retail investorsalso become more active after the firm experiences poor performance, namely, when the firm facesurgency for performance improvement and they are left behind by sophisticated investors due totheir information disadvantage and the disposition effect. Finally, retail investors seem to possessinformation about a firm’s ongoing fraud and their active engagement with the firm helps shorten the duration of the fraud.