Page 65 - Demo

%u73fe%u968e%u6bb5%u5b78%u8853%u7814%u7a76%u570b%u969b%u93c8%u7d50%u4e4b%u6548%u76ca%u3001%u6311%u6230%u66a8%u65b9%u7565%u53d6%u6368%u7814%u679065%u76ca%uff1b%u4e00%u65b9%u9762%u70ba%u5176%u6642%u5e38%u4eab%u6709%u77ad%u89e3%u570b%u969b%u6216%u6d77%u5916%u67d0%u6a19%u5340%u57df%u76ee%u524d%u5728%u7814%u8a0e%u6703%u3001%u8ad6%u58c7%u6240%u95dc%u6ce8%u8ab2%u984c%u4e4b%u5730%u5229 5%u3002%u64da Lennox & Wu %uff082022%uff09%u6b64%u4e00 Journal of Accounting and Economics %u7814%u8a0e%u6703%u4e2d%u4e4b%u5831%u544a%uff0c%u9802%u5c16%u6703%u8a08%u671f%u520a%u520a%u767b%u7684%u4e2d%u570b%u6703%u8a08%u7814%u7a76%u6578%u91cf%u65bc%u904e%u53bb 25 %u5e74%u5448%u6307%u6578%u7d1a%u6210%u9577%u3002%u5176%u5305%u62ec%u4e09%u9805%u4e2d%u5fc3%u4e3b%u984c%uff1a%uff08i%uff09%u653f%u6cbb%u8207%u76e3%u7ba1%u6a5f%u5236%uff08Political and Regulatory Institutions%uff09%uff1b%uff08ii%uff09%u4e2d%u570b%u8207%u5916%u570b%u6295%u8cc7%u8005%u9593%u95dc%u4fc2%uff08Relationships with Foreign Investors%uff09%uff1b%u4ee5%u53ca%uff08iii%uff09%u76e3%u7ba1%u8b8a%u52d5%u63d0%u4f9b%u89c0%u5bdf%u56e0%u679c%u95dc%u4fc2%u7684%u6a5f%u6703%u3001%u65b0%u6578%u64da%u53ef%u53d6%u5f97%uff08Availability of Novel Data and Regulatory Shocks%uff09%u3002Lennox & Wu %uff082022%uff09%u8a8d%u70ba%u7b2c%uff08i%uff09%u3001%uff08ii%uff09%u9805%u4e3b%u984c%u91dd%u5c0d%u4e2d%u570b%u5927%u9678%u7d93%u6fdf%u9ad4%u7684%u6a5f%u5236%u8207%u5e02%u5834%uff08%u96a8%u4e2d%u570b%u7d93%u6fdf%u9762%u5f71%u97ff%u529b%u64f4%u5927%uff0c%u6b64%u985e%u7814%u7a76%u88ab%u95dc%u6ce8%u5ea6%u589e%u9ad8%uff09%uff0c%u7b2c%uff08iii%uff09%u9805%u4e3b%u984c%u5247%u5229%u7528%u4ee5%u4e2d%u570b%u70ba%u80cc%u666f%u7814%u7a76%u7684%u7d50%u679c%u767c%u5c55%u51fa%u666e%u4e16%u53ef%u501f%u93e1%u7684%u89c0%u5ff5%u3002%u5c0d%u5176%u4ed6%u7d93%u6fdf%u9ad4%u4e4b%u6703%u8a08%u5b78%u57df%u53ef%u4e00%u822c%u5316%uff08Generalization%uff09%uff0c%u5f9e%u800c%u5e36%u4f86%u666e%u4e16%u8ca2%u737b%u3002%u60df Cheng, Hail, & Yu %uff082022%uff09%u8a55%u8ff0%u9019%u985e%u7814%u7a76%uff1a%u300c%u96a8%u65b0%u6578%u64da%u53ef%u53ca%u6027%u589e%u9ad8%u3001%u591a%u500b%u76e3%u7ba1%u9762%u6539%u9769%u5be6%u4f8b%u63d0%u4f9b%u7814%u7a76%u8005%u6a5f%u5236%u8b8a%u52d5%u56e0%u679c%u5206%u6790%u7684%u6a5f%u6703%uff0c%u9020%u6210%u512a%u826f%u671f%u520a%u4e2d%u570b%u5927%u9678%u5e02%u5834%u76f8%u95dc%u6703%u8a08%u9818%u57df%u7814%u7a76%u8ad6%u6587%u6578%u91cf%u589e%u52a0%uff1b%u4f46%u662f%uff0c%u5927%u591a%u6578%u6539%u9769%u662f%u76f8%u4e92%u95dc%u806f%u4e14%u53cd%u6620%u8a08%u756b%u7d93%u6fdf%u9ad4%u4e4b%uff08%u4e2d%u592e%u653f%u5e9c%uff09%u57fa%u672c%u65b9%u7565%u3002%uff08%u88ab%u8a8d%u5b9a%u4e4b%u56e0%u7d20%u8207%u4e8b%u5f8c%u4e4b%u7d50%u679c%u9593%u4e4b%u95dc%u806f%uff09%u662f%u5426%u53ef%u4e00%u822c%u5316%uff08%u800c%u53ef%u5c0d%u5176%u4ed6%u7d93%u6fdf%u9ad4%u6709%u986f%u8457%u610f%u6db5%uff09%u662f%u91cd%u8981%u8ab2%u984c%u3002%u300d%u8a72%u4e8c%u7bc7%u7814%u7a76%u7684%u5169%u9805%u610f%u6db5%u70ba%uff1a%uff08i%uff09%u5168%u7403%u9802%u5c16%u671f%u520a%u8f03%u5bb9%u6613%u63a5%u53d7%u7684%u672c%u571f%uff08%u81fa%u7063%uff09%u7ba1%u7406%u3001%u7d93%u6fdf%u7814%u7a76%u70ba%uff0c%u662f%u6240%u63a2%u7d22%u8ab2%u984c%u80fd%u6709%u666e%u4e16%u610f%u6db5%u8005%uff0c%u5982%u6b50%u7f8e%u5b78%u754c%u8a0e%u8ad6%u5230%u5176%u7ba1%u5236%u8005%u61c9%u5426%u8981%u6c42%u516c%u53f8%u4e4b%u5167%u90e8%u4eba%uff08Corporate Insiders%uff09%u65bc%u8f49%u8b93%u6301%u80a1%u524d%u5373%u4f5c%u7533%u5831%u4e4b%u8ab2%u984c%uff0c%u800c%u81fa%u7063%u7368%u6709%u5167%u90e8%u4eba%u88ab%u8981%u6c42%u65bc%u8f49%u8b93%u6301%u80a1%u524d%u4e09%u66c6%u65e5%uff08Calendar Days%uff09%u5373%u4f5c%u7533%u5831%u4e4b%u5236%u5ea6%uff1b%uff08ii%uff09%u65bc%u6d77%u5916%u8ab2%u984c%uff0c%u76f8%u95dc%u4e4b%u5b78%u8853%u8ad6%u6587%u6b32%u767c%u63ee%u570b%u969b%u5f71%u97ff%u529b%uff0c%u5b9c%u77ad%u89e3%u653f%u7d93%u74b0%u5883%u9ad4%u5236%u4e4b%u8108%u7d61%uff0c%u6709%u6548%u89e3%u69cb%u56e0%u679c%uff0c%u6df1%u5ea6%u77ad%u89e3%u8a72%u5e02%u5834%u4e4b%u57fa%u672c%u6a5f%u5236%uff0c%u5176%u7522%u51fa%u4e4b%u8ad6%u6587%u59cb%u80fd%u5177%u9ad8%u570b%u969b%u5f71%u97ff%u529b%u3001%u88ab%u9ad8%u5ea6%u5f15%u7528%u3002%u5982%u7d44%u6210%u80fd%u8fa8%u8b58%u3001%u767c%u63ee%u570b%u969b%u5408%u4f5c%u4e92%u88dc%u6548%u76ca%u7684%u5b78%u8853%u5718%u968a%uff0c%u6216%u80fd%u6709%u986f%u8457%u6548%u76ca%u30022. 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Knowledge%uff09%uff0c%u59cb%u80fd%u5920%uff08%u4ee5%u5be6%u8b49%u56e0%u679c%u7814%u7a76%u70ba%u4f8b%uff09%u65bc%u8655%u7406%u5171%u7dda%u6027%u3001%u5167%u751f%u6027%u3001%u63a7%u5236%u8b8a%u6578%u3001%u6975%u7aef%u503c%u6216%u96e2%u7fa4%u503c%u5f71%u97ff%u3001%u865b%u5047%u95dc5%u5c24%u5176%u65bc%u6b50%u7f8e%u4f4d%u65bc%u524d%u5217%u7684%u5927%u5b78%u6559%u5e2b%u6388%u8ab2%u8ca0%u64d4%u8f03%u8f15%uff0c%u65bc%u672c%u7cfb%u6216%u662f%u53cb%u7cfb%u3001%u540c%u9818%u57df%u4e4b%u7c21%u55ae%u5348%u9910%u9593%u5b78%u8853%u7814%u8a0e%uff08Brown Bag Lunch Seminars%uff09%u6216%u8a31%u6bcf%u5169%u9031%u5373%u6709%u4e00%u6b21%uff0c%u5176%u53c3%u52a0%u6b64%u985e%u6d3b%u52d5%u983b%u7387%u986f%u8457%u8d85%u904e%u570b%u5167%u5b78%u8005%u53c3%u52a0%u7814%u8a0e%u6703%u5de5%u4f5c%u574a%u4e4b%u983b%u7387%uff0c%u6216%u8f03%u5feb%u3001%u6df1%u3001%u5ee3%u6cdb%u77ad%u89e3%u5148%u9032%u3001%u65b0%u5b8c%u6210%u4e4b%u540c%u9818%u57df%u5b78%u8853%u7814%u7a76%u53ca%u505a%u5230%u8de8%u57df%u5b78%u7fd2%u3002