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珞珈经管青年论坛第四百四十一期——会计论坛
2024-04-10
时间:2024-04-03  阅读:

讲座题目:The Freedom of Information Act and Government Financing Costs信息自由法和政府融资成本

主讲人:张琦儒 Santa Clara University 助理教授

时间:2024年4月10日10:00

地点:学院206

主办单位:bwin必赢登录入口官网会计系

讲座内容摘要:

Each U.S. state has implemented an information openness law, commonly known as the Freedom of Information Act (FOIA), granting any person or organization the right to request access to records from any government agency. However, the level of government transparency offered under the FOIA varies across states and over time. We contend that by offering access to government records, FOIA mitigates information asymmetry between municipal bond investors and the municipal government and facilitates the public monitoring of governments, reducing municipal borrowing costs. Using staggered FOIA revisions and a stacked regression design, we find that municipal bond offering yield and offering yield spread decrease (increase) following revisions that strengthen (weaken) state-level FOIA. The FOIA effect on municipal borrowing costs is more pronounced in municipalities with fewer alternative information sources or weaker external monitoring and for riskier bonds. Collectively, the evidence suggests the significant benefits of FOIA in public finance.

美国每个州都实施了公开政府信息的法案,通常被称为《信息自由法》(FOIA)。这些法案赋予任何个人或组织从任何政府机构获取信息的权利。然而,各州的FOIA 对其辖区内的地方城府要求的信息透明程度并不相同。我们认为,FOIA降低了对地方政府信息的获取难度,减轻了美国市政债券投资者与地方政府之间的信息不对称,促进了公众对地方政府的监督,从而降低了地方政府融资成本。利用多时点双重差分法,我们发现在各州在加强(或削弱)FOIA之后,其辖区内的地方政府融资成本会随之降低(或上升)。FOIA对地方政府融资成本的影响在信息来源较少、外部监督较弱以及风险较高的债券中更为显著。总体而言,本文的证据表明FOIA对公共财政带来了明显的好处。

主讲人简介:

张琦儒,美国圣塔克拉拉大学(Santa Clara University)助理教授。博士毕业于美国杜克大学(Duke University)。英国特许公认会计师公会ACCA会员, 美国特许金融分析师(CFA Charterholder), 全球报告倡议组织(GRI)认证的可持续发展专业人士。曾服务于普华永道会计师事务所。研究兴趣主要为探究会计信息如何影响美国市政债券投资者做出决策。博士论文发表于The Accounting Review。