报告题目：Do Local Investors Always Know Better? Evidence from China’s Market Segmentation 
主讲人：Tao Ma
时间：2017年11月10日（星期五）下午16:00
地点：12BET主楼418
主讲人简介：
        Tao Ma is an associate professor of Texas Tech University. He got his Ph.D degree in Accounting at Washington University in St. Louis. and BBA in Accounting University of Texas at Brownsville. He got his bachelor degree in Philosophy and Religion from Minzu University of China and got his. He published many papers in top-tier journals, i.e., Review of Accounting Studies.
报告摘要：
        It is well documented that domestic investors have an information advantage over foreign investors. We utilize the market segmentation of Chinese A and B shares to disentangle the information sets of domestic versus foreign investors. We find that, while domestic investors lead foreign investors in firm-specific information, the latter is better at incorporating macro-level information into stock prices. Thus, our results indicate that, in contrast to conventional beliefs, foreign investors are not at an absolute information disadvantage in emerging markets. In addition, we find that domestic investors’ firm-specific information advantage is weakened among firms that have higher accounting quality and in situations where foreign investors face fewer cultural and communication barriers. Taken together, our paper highlights the key information role played by foreign investors and the importance of financial reporting in emerging markets.