セミナーシリーズ
経営学セミナー（2025.7.11）
Jewon Shin（Ph.D. in Finance, Pennsylvania State University）
- 開催日：
- 2025年7月11日（金）16:00-17:30
- 場所：
- 京都大学 吉田キャンパス 総合研究2号館 3階 大演習室2
- 言語：
- 日本語
- コーディネーター：
- チョルパン・アスリ
タイトル：
“Burdening the Young: Life Cycle Effects of Mandatory Disclosure on Investment”
Abstract:
Mandatory disclosure burdens initially suppress the R&D investment and investment efficiency of newly public firms, but this relation attenuates as firms become more seasoned. Consistent with the mandatory disclosure-investment relation being rooted in information frictions leading firms to focus on short-term metrics at the expense of long-term investments, this effect is strongest for young IPO firms and firms that continue expanding their public float most after they go public. Our results suggest a life cycle effect whereby disclosure burdens impact corporate investment policy via interactions with newly public firms’ elevated information asymmetry and incentives to maximize current share price.