时间：9月24日（周四）10:00
地点：浙大管院A423会议室
主题：Ownership Transparency and Access to Government Procurement: Evidence from Private Firms
主讲人：Chris Zhao, 香港浸会大学助理教授
主持人：王文明，浙江大学管理学院长聘副教授
主讲人简介：
Chris Zhao is an Assistant Professor at the Department of Accountancy, Economics and Finance, School of Business, Hong Kong Baptist University. He received his Ph.D. from the University of Iowa in 2021. His research focuses on capital markets, corporate disclosure, accounting standards, and ESG. His work has been published in leading journals, including the Journal of Accounting Research and Management Science.
摘要：
Directive (EU) 2015/849 (the 4th Anti-Money Laundering Directive [AMLD4]) of the European Union (EU) requires firms to identify and disclose their ultimate beneficial owners. Exploiting AMLD4 as an exogenous shock to private firms’ ownership transparency, we document that private firms in the EU are more likely to win government procurement contracts after AMLD4 adoption. Cross-sectional analyses show that the impact of AMLD4 appears stronger when governments (i) know less about bidding firms, (ii) procure products from R&D-intensive or durable goods industries, (iii) have higher-quality beneficial owner information, and (iv) have more discretion in contract allocation. Moreover, allocating more contracts to private firms reduces procurement costs and the unemployment rate. Overall, ownership transparency may help ease informational frictions when governments procure from private firms. This study underscores the effectiveness of ownership transparency as a type of nonfinancial disclosure that narrows the transparency gap between private and public firms.
