文献类型：期刊文献

英文题名：Stock transferability, the managerial learning effect and corporate innovation

作者：Yu, Xuehang[1];Fang, Junxiong[2]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China;[2]Zhejiang Univ Finance & Econ, Sch Accounting, Shanghai, Peoples R China

年份：2024

卷号：17

期号：1

外文期刊名：CHINA JOURNAL OF ACCOUNTING RESEARCH

收录：WOS:【ESCI(收录号:WOS:001208762600001)】；

基金：This study is funded by grants from the Natural Science Foundation of China (No. 72272132; 71872048) . Professional English language editing support provided by AsiaEdit (asiaedit.com ) .

语种：英文

外文关键词：Stock circulation rights loss; Discretionary stock halt; Managerial learning effect; Innovation

摘要：This paper considers stock halts to study the impact of stock liquidity loss on the managerial learning effect based on stock prices. We examine stock halts' impact on corporate innovation and find that discretionary halts hinder innovation. We also find that discretionary halts reduce information quality and increase financial constraints and agent costs. Cross-sectional tests show that this negative impact is more pronounced in samples with high shareholding ratios by large shareholders, institutional investors and private firms. The results indicate that the loss of non -institutional stock trading rights, represented by discretionary stock halts, affects revelatory price efficiency in the secondary market, hinders managers' learning effect and affects enterprises' production and operation decisions. These findings have policy implications for stock circulation -right protection and Chinese capital -market reform. (c) 2023 Sun Yat-sen University. Production and hosting by Elsevier B.V. This is an open access article under the CC BY -NC -ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).