主讲人：张旭 助理教授（香港科技大学（广州））

主持人：兰兰 助理教授（辽宁大学李安民经济研究院）

嘉宾介绍：文惠 助理教授（辽宁大学李安民经济研究院）

时间：2026年5月22日（周五） 10:00 - 11:30 （北京时间）

地点：辽宁大学蒲河校区经济学部大楼483室

线上地址：腾讯会议730-281-8924

语言：中文/英文

摘要：We study how increased market salience of a risk affects corporate disclosure transparency when investors are boundedly rational. In our model, heightened salience reduces cognitive processing costs, raising investors’attention to fundamentals. This triggers asymmetric obfuscation: underperforming firms increase disclosure ambiguity to dampen adverse price impacts, while outperforming firms maintain transparency. We test these predictions using China’s 2021 dual-carbon mandates as an exogenous shock to environmental risk salience. Using Large Language Models to classify million-scale interactions on investor Q&A platforms, we find that pollution-intensive firms significantly reduce response relevance and length to environmental inquiries post-shock. Dual-platform microdata confirm the cognitive mechanism: the shock elevated both intuitive risk perception and analytical engagement with firm fundamentals. The obfuscation effect concentrates among firms with myopic managers, severe financial constraints, and limited alternative disclosure channels. Our findings suggest salience-enhancing regulation can be counterproductive when policymakers ignore strategic interactions between investor attention and corporate opacity.

主讲人简介：

张旭助理教授2020年5月获布朗大学经济学博士，现任职于香港科技大学（广州）创新创业与公共政策学域。主要研究领域为微观经济学理论、信息经济学、行为经济学与实验经济学。研究主题涵盖信息设计、非理性概率推断、信任与合作以及社会偏好等问题。主要研究成果发表于Journal of Political Economy、Journal of Economic Behavior and Organization等知名经济学国际期刊。