美国新媒体联盟(New Media Consortium,NMC)每年都会发布地平线报告,关注所处时代背景下教育与技术的结合,以创新理念驱动技术应用,引领高等教育信息化的未来发展。2017年地平线报告(高等教育版)着重分析了未来影响高等教育变革的新兴...美国新媒体联盟(New Media Consortium,NMC)每年都会发布地平线报告,关注所处时代背景下教育与技术的结合,以创新理念驱动技术应用,引领高等教育信息化的未来发展。2017年地平线报告(高等教育版)着重分析了未来影响高等教育变革的新兴技术、高等教育领域技术运用的关键趋势和重大挑战。研究通过对地平线报告进行深入解读,探讨未来高等教育面对的机遇和挑战,以把握"互联网+"时代的发展契机,促进我国高等教育的创新与变革。展开更多
As a major global exchange, the Stock Exchange of Hong Kong （SEHK） only requires semi-annual reporting whereas other major exchanges including the ones in Chinese mainland require quarterly reporting. We argue again...As a major global exchange, the Stock Exchange of Hong Kong （SEHK） only requires semi-annual reporting whereas other major exchanges including the ones in Chinese mainland require quarterly reporting. We argue against the traditional view that higher reporting frequency is necessarily more beneficial. The decision on reporting frequency depends on how the information is being processed by the recipient traders and the results are not obvious. Using a sample of Chinese companies dual- listed in both China A share market and SEHK （AH shares） as the experimental group and mainland＇s companies listed on SEHK （H shares） only as the control group, we apply the difference-in-difference （DID） method to investigate the impacts of reporting frequency on stock information quality. The results suggest that after China A share market require quarterly financial reporting for all listed companies in 2002, the information asymmetry of the H tranche of AH stocks increases. Different from prior studies, the results suggest a negative association between stock information quality and financial reporting frequency. We argue that the increased information asymmetry in the H tranche is caused by the noise spilled over from the A tranche. We conduct multivariable GARCH tests and find evidence supporting this conjecture.展开更多
文摘美国新媒体联盟(New Media Consortium,NMC)每年都会发布地平线报告,关注所处时代背景下教育与技术的结合,以创新理念驱动技术应用,引领高等教育信息化的未来发展。2017年地平线报告(高等教育版)着重分析了未来影响高等教育变革的新兴技术、高等教育领域技术运用的关键趋势和重大挑战。研究通过对地平线报告进行深入解读,探讨未来高等教育面对的机遇和挑战,以把握"互联网+"时代的发展契机,促进我国高等教育的创新与变革。
文摘As a major global exchange, the Stock Exchange of Hong Kong （SEHK） only requires semi-annual reporting whereas other major exchanges including the ones in Chinese mainland require quarterly reporting. We argue against the traditional view that higher reporting frequency is necessarily more beneficial. The decision on reporting frequency depends on how the information is being processed by the recipient traders and the results are not obvious. Using a sample of Chinese companies dual- listed in both China A share market and SEHK （AH shares） as the experimental group and mainland＇s companies listed on SEHK （H shares） only as the control group, we apply the difference-in-difference （DID） method to investigate the impacts of reporting frequency on stock information quality. The results suggest that after China A share market require quarterly financial reporting for all listed companies in 2002, the information asymmetry of the H tranche of AH stocks increases. Different from prior studies, the results suggest a negative association between stock information quality and financial reporting frequency. We argue that the increased information asymmetry in the H tranche is caused by the noise spilled over from the A tranche. We conduct multivariable GARCH tests and find evidence supporting this conjecture.
