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

二、主讲人：倪骁然，中共党员，厦门大学经济学院、王亚南经济研究院副教授、博士生导师。在《经济研究》（2 篇）、《管理世界》、《经济学(季刊)》、《金融研究》（2 篇）、《中国工业经济》、Journal of Corporate Finance（5篇）、Journal of Banking and Finance（2 篇）等国内外重要学术期刊发表论文 20 余篇。主持国家自然科学基金项目一项。入选福建省“雏鹰计划”青年拔尖人才、福建省高层次引进人才（国内B类）。获得第五届洪银兴经济学奖等多项国内外学术奖励。 

三、时间：2021年10月11日13:30- 15:00 

四、地点：腾讯会议 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.