Stock transferability,the managerial learning effect and corporate innovation

作     者：Xuehang Yu Junxiong Fang 

作者机构：School of BusinessEast China University of Science and TechnologyChina School of AccountingZhejiang University of Finance and EconomicsChina 

出 版 物：《China Journal of Accounting Research》 (中国会计学刊（英文版）)

年 卷 期：2024年第17卷第1期

页      面：1-27页

学科分类：12[管理学] 120202[管理学-企业管理（含：财务管理、市场营销、人力资源管理）] 02[经济学] 0202[经济学-应用经济学] 1202[管理学-工商管理] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 020204[经济学-金融学（含∶保险学）] 020203[经济学-财政学（含∶税收学）] 

基　　金：funded by grants from the Natural Science Foundation of China(No.72272132 71872048) 

主　　题：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 *** examine stock halts’impact on corporate innovation and find that discretionary halts hinder *** also find that discretionary halts reduce information quality and increase financial constraints and agent ***-sectional tests show that this negative impact is more pronounced in samples with high shareholding ratios by large shareholders,institutional investors and private *** 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 *** findings have policy implications for stock circulation-right protection and Chinese capital-market reform.