SPEAKER：江嘉骏（复旦大学 助理教授）

TIME/DATE：2024年4月30日（周二）12:00-13:00

CLASSROOM：同济大厦A楼505室

TENCENT：592222678

PW：638735

LINK：https://meeting.tencent.com/dm/8WuMhiJQIWzG

ABSTRACT：

This study examines the impact of Internet penetration on managerial rent extraction, leveraging the staggered rollout of the “Broadband China” initiative as a quasi-natural experiment to capture exogenous variations in Internet penetration across different cities. Our findings reveal that increased Internet penetration significantly reduces executives’ opportunistic selling behaviors. This effect can be attributed to the enhancement of information availability and the strengthening of external monitoring mechanisms. Furthermore, the deterrent effect of Internet penetration on opportunism is more pronounced within non-state-owned enterprises and is particularly strong among firms characterized by lower stock price crash risk and poor internal control. Our analysis provides robust causal evidence suggesting that Internet penetration serves as an effective extra-legal mechanism for mitigating insider trading issues, highlighting its role in promoting corporate governance and market integrity.

GUEST BIO：

江嘉骏，复旦大学经济学院助理教授，硕士生导师。2018年毕业于北京大学光华管理学院，获经济学博士学位，2013年于北京大学数学科学学院获理学学士学位，2016-2017年纽约大学Stern商学院访问学者。主要研究领域为行为金融、消费金融、金融科技。主持国家自然科学基金、上海市哲学社会科学规划课题等研究项目，研究成果在《经济研究》《金融研究》《管理科学学报》、Journal of Comparative Economics、Journal of Empirical Finance等国内外权威期刊发表。出版专著《网络小贷市场风险与投资者行为偏差》。