西南财经大学金融研究院（Institute of Financial Studies, SWUFE）邀请著名学者印第安纳大学凯莱商学院（the Kelly School of Business, Indiana University）金融学助理教授Xiaoyun Yu来我校进行学术交流，其间将在金融研究院202会议室进行学术演讲。诚邀广大师生参加！
主题： Cultural Proximity and the Processing of Financial Information
主讲人：Xiaoyun Yu教授
时间：2014年7月14日（星期一）上午10:30-12:30
地点：金融研究院202会议室（光华校区原老干部活动中心二楼，北三门篮球场旁）
主办单位：金融研究院
主讲人简介：
Xiaoyun Yu教授是印第安纳大学凯莱商学院的金融学助理教授，她于明尼苏达大学卡尔森管理学院获得金融学博士学位。Xiaoyun Yu教授的研究方向主要是公司金融理论及实务领域。她目前的研究方向主要是信息经济学，安全设计，IPO等领域.
有关Xiaoyun Yu教授的个人简历等具体介绍请见：http://www.kelley.iu.edu/xiyu/
论文摘要：
This paper examines to what extent culture affects information asymmetry in the financial markets. To concentrate on cultural proximity rather than geographic proximity, we extract a sample of firms publicly traded in the U.S. but headquartered in regions sharing Chinese culture (“Chinese firms”), and manually identify a group of U.S. analysts of Chinese ethnic origin (“Chinese analysts”). We find that Chinese analysts issue more accurate forecasts about earnings of Chinese firms than non-Chinese analysts. The rise in forecast precision is more pronounced among first-generation Chinese immigrants. Further evidence suggests that culture proximity can go beyond language commonality and analysts’ pre-existing channels for information, and that the effect of culture cannot easily be transmitted. Market reaction is stronger when Chinese analysts issue favorable forecast revisions or upgrades about Chinese firms. Our results indicate that cultural proximity mitigates information asymmetry that adversely affects foreign firms, especially those from emerging markets, and shed light on culture as an important component of human capital.
联系人：叶丹 张敏洁 屈程程
电 话：**, **
E-mail: yedan1220@126.com，zhangminjie234@163.com
