滥诉还是有根据的诉讼？司法效率与公司信息披露
发布时间：2025-11-18
11月
21
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时间和日期
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2025-11-21 (星期五) 10:30 上午
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12:00 下午
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地点
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会议楼II，102会议室
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| 标题 | 滥诉还是有根据的诉讼？司法效率与公司信息披露 |
| 日期和时间 |
2025年11月21日（周五） 10:30-12:00 |
| 地点 | 会议楼II，102会议室 |
| 主讲人 |
Sterling Huang教授 上海纽约大学 |
| 摘要 | We study how judicial efficiency affects the composition of shareholder litigation lawsuits and its impact on corporate disclosure. Exploiting the staggered adoption of the Case Management/Electronic Case Files (CM) system across U.S. federal district courts, we find that improved judicial efficiency significantly reduces firms’ exposure to frivolous lawsuits while increasing the incidence of meritorious claims. These shifts in composition of litigation risk lead to more frequent earnings guidance, more extensive and readable MD&A discussions, and greater disclosure of both good and bad news among treated firms (located in jurisdictions that adopted the CM system). The effects are more pronounced for firms headquartered in states permitting third-party litigation financing, which serves to encourage frivolous lawsuits, and among firms with weaker regulatory oversight or internal governance, who are disciplined more from the threat of meritorious lawsuits. We also find an increase in market reactions to management forecasts among treated firms following the CM system adoption, consistent with enhanced disclosure credibility. Our findings highlight the importance of understanding judicial frictions in affecting both the composition of shareholder litigation and corporate information environment. |
| 主讲人简介 | Sterling Huang教授现任上海纽约大学商学院（研究生教育）副院长兼会计学教授。黄教授曾获中国教育部授予的“长江学者特聘教授” 称号以及国家自然科学基金委员会的外国优秀青年学者研究基金。黄教授的研究成果广泛发表于国际顶尖学术期刊，包括 Journal of Accounting Research、The Accounting Review、Journal of Accounting and Economics、Review of Financial Studies、Management Science、Journal of Financial Economics、Strategic Management Journal、Journal of Financial and Quantitative Analysis 和 Contemporary Accounting Research。其研究获得多项奖项与认可，包括2018年 Journal of Accounting Research 最多阅读的论文前 20 篇、2020年影响 Journal of Accounting Research 影响因子的最高引用文章，以及2023年 Management Accounting Section 最佳论文奖。除研究之外，黄教授还担任Journal of Corporate Finance的副主编，以及Corporate Governance: An International Review和China Accounting and Finance Review的主编。 |
