「The Echoes of Muted Political Speech in Financial Speech」
| 日時 | 2025年4月30日（水）13:10～14:50 |
|---|---|
| 開催方法 | ①対面 ＊11号館7階709教室にお越しください。 ②Zoom＊お申込み完了の自動返信メールにて、参加用URLをお知らせいたします。 |
| 対象 | 学生・教職員・一般 |
| 講演者 | Utpal Bhattacharya 氏 （Chair Professor, Department of Finance, Hong Kong University of Science and Technology） |
| 要旨 | Our paper examines how Hong Kong’s 2020 National Security Law (NSL) impacted financial analysts’ reporting. Our results show that local analysts, particularly those covering Chinese central state-owned enterprises, self-censored their reports after the NSL’s enactment. This self-censorship manifested in overly optimistic earnings forecasts, vaguer language, and delayed responses to earnings announcements after a bad performance year for the firm. We further show that the market’s reaction to local analyst reports was negative after their Buy signals on central SOEs, suggesting a decline in the credibility of their assessments. Our study provides novel and compelling evidence that political censorship can have far-reaching consequences, impacting even seemingly unrelated domains like financial analysis. Our findings raise concerns about the reliability and objectivity of financial information emanating from environments with constrained political speech. The observed market discounting of biased information highlights the potential for informational inefficiencies and distortions in capital allocation decisions. The evidence of self-censorship among local analysts in Hong Kong following the implementation of the NSL highlights the importance of protecting freedom of expression, not only for human rights but also for the integrity and efficacy of financial markets. |
| 世話人 | 宮島 英昭 （早稲田大学商学学術院 教授） |
| 参加申し込み方法 | 参加はこちらからお申込みください。※4月28日（月）17:00締切 |
| その他 | 早稲田大学商学部・産業経営研究所・広田真一分科会 |
