Financial judicial specialization and corporate information interaction: Evidence from the establishment of financial courts in China

Panpan Zheng and Zhen Li

Finance Research Letters, 2025, vol. 81, issue C

Abstract: Using a quasi-natural experiment created by the establishment of financial courts in China, we employ a multi-time DID method to empirically examine the impact of financial judicial specialization (FJS) on the information interaction behavior of listed companies. Our findings reveal that FJS reduces the likelihood of listed companies responding to investor inquiries. Further analysis shows that although FJS improves the comprehensiveness of company responses, it also reduces their timeliness. Notably, the adverse effect of FJS on the probability of listed companies responding to investor inquiries is more pronounced in contexts with high litigation risk.

Keywords: Financial courts; Judicial specialization; Information interaction; DID (search for similar items in EconPapers)
JEL-codes: G14 G34 K22 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:81:y:2025:i:c:s1544612325007421

DOI: 10.1016/j.frl.2025.107483

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