一、主題：Too Much to Learn: The Unintended Consequences of RegTech Development on Mergers and Acquisitions 

二、主講人：倪骁然，中共黨員，廈門大學經濟學院、王亞南經濟研究院副教授、博士生導師。在《經濟研究》（2 篇）、《管理世界》、《經濟學(季刊)》、《金融研究》（2 篇）、《中國工業經濟》、Journal of Corporate Finance（5篇）、Journal of Banking and Finance（2 篇）等國内外重要學術期刊發表論文 20 餘篇。主持國家自然科學基金項目一項。入選福建省“雛鷹計劃”青年拔尖人才、福建省高層次引進人才（國内B類）。獲得第五屆洪銀興經濟學獎等多項國内外學術獎勵。 

三、時間：2021年10月11日13:30- 15:00 

四、地點：騰訊會議 155 884 449 

五、主持人：朱菲菲 

Abstract:Despite an emerging literature on the advancement of regulatory technology (RegTech), this paper unveils one of its unintended consequences in the market of corporate control: crowding in uniformed investors and crowding out managerial learning. Exploiting the staggered implementation of the EDGAR system from 1993 to 1996 as quasi-exogenous RegTech shocks, we find evidence that internet dissemination of corporate filings reduces firm acquisitiveness. This effect is more pronounced for growth firms than value firms, for stock-based acquisitions than cash-based acquisitions. In addition, EDGAR implementation results in the acquirers’ lower announcement returns, especially for growth firms. Our overall findings indicate that RegTech development could discourage managerial learning by dampening revelatory price efficiency, resulting in inefficient acquisition decisions.