To promote academic exchanges between teachers and students and expand students' knowledge, our department launched the 65th "Seminar Series for Accounting Teachers and Graduate Students of Xiamen University". On the afternoon of November 26, 2019, Professor Guoqing Zhang, deputy dean of our department and doctoral supervisor, presided over this seminar and introduced us to the lecturer-Assistant Professor Shen Jianghua, and gave us a comment on his paper "Corporate Disclosure and Revelatory Price Efficiency: The Case of Capital Investment Guidance".

 At the beginning, Assistant Professor Jianghua Shen introduced the research background of this article：how management capital investment guidance affects Revelatory Price Efficiency, which can be translated as heuristic stock price effectiveness, is a relatively new research, hereinafter referred to as RPE. Professor Jianghua Shen said that this article relied on the theory of the efficient market hypothesis and believd that stock prices can reflect the company's operating conditions. Therefore, he intends to study how information disclosure can influence managers' decisions through stock prices. At the same time, it proposed Known Disclosure and Unknown Disclosure. If the content of an information disclosure is understood by insiders but not by outsiders, it is a definitive disclosure, such as the disclosure of a corporate investment plan; the opposite is uncertainty disclosure, such as corporate profit forecast information.

Then, Professor Jianghua Shen explained the research design, including DID analysis, descriptive statistics, dynamic analysis and alternative experiments. Among them, the DID analysis assumes that the company's information disclosure policy is continuous, that is, if the first disclosure is 1, the subsequent annual disclosure results also show that it will be 1.

Finally, Professor Jianghua Shen introduced the contribution of the article. This article provides an empirical analysis for the theoretical research of Goldstein and Yang (2019), why it provides evidence for good disclosure, and contributes to the impact of RPE channels on disclosure.

Afterwards, Ph.D. student Sicen Chen commented on this article, mainly on the article's indicators, logical links, and information adequacy. Assistant Professor Jianghua Shen also exchanged views with him on solving the endogenous nature, and gave meticulous answers to the questions raised.

The report lasted for about an hour and a half. The students present put forward their opinions. Teachers and students actively exchanged views on the problem. The scene was full of academic atmosphere. The final report ended in warm applause.