学术活动

2025年4月25日（周五） 

10:30-12:00

胡珮璁教授

香港大学

We study how whistleblower policies affect a firm’s internal communication, public information and expected value. An informed manager, who can divert cash for private benefit, manipulates internal information available to the employee to cover up evidence of his misconduct. Given her information, the employee chooses whether to blow the whistle and an action which affects internal alignment. Larger whistleblower rewards for the employee and harsher penalties for the manager reduce misconduct but also worsen internal communication. Public information quality worsens with harsher penalties but improves with larger rewards. Finally, when misalignment is sufficiently costly, such policies decrease firm value.