科学研究
报告题目：Do Investors Trade on Stale Earnings Information? Evidence from China
报告人：李留闯
报告时间：2025年11月21日（周五）10:00--11:30
报告地点：劝学楼245会议室
主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
In China’s retail investor-dominated market, we document evidence consistent with investors being unable to distinguish stale information from earnings news. Stock prices reverse at the next quarter’s earnings announcement in response to the current quarter’s earnings, particularly when initial price reactions are strong and retail trading is high. Reversals are more pronounced for quarters one and three earnings, where timely announcements may lead investors to trade more aggressively, assuming others may not notice such announcements. These findings suggest that investors in China may overreact, rather than under-react, to earnings upon the initial announcement. Our findings hold across various research designs, and we rule out alternative explanations, including investor overconfidence, the disagreement theory and measurement errors.
【报告人简介】
李留闯，西安交通大学管理学院教授、博士生导师，入选“西安交通大学青年拔尖人才计划”，主要研究方向为会计信息披露、审计监管、注册会计师执业行为等会计与审计领域的制度安排及其经济后果。主持国家自然科学基金项目等多项国家级及省部级科研课题，近年来在《管理世界》《会计研究》《金融研究》《南开管理评论》等国内权威期刊及The Accounting Review, Journal of Banking & Finance, Auditing: A Journal of Practice and Theory等国际顶级期刊发表多篇学术论文。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
