Title: Learning from Failure: The Role of Disclosure on Innovation

题目：从失败中学习：信息披露对创新的影响

Speaker: Menghan Wang ，Business School, University of Hong Kong

Time:  2025年11月14日 星期五10:00-11:30

Location:  管理科研楼第一教室

Abstract: This paper examines how the disclosure of failure shapes innovation activities. Theoretically, mandatory failure disclosure can be socially beneficial through knowledge spillover, but privately costly due to the risk of information leakage. I study this question in the setting of clinical research, as it is one of the few areas where failure information is available. I exploit an expansion of mandatory disclosure requirements for clinical trial results as a positive shock to the availability of failure information. The number of new trials initiated increased following the policy change. The increase is driven by incremental innovations on existing drugs rather than developments of new drugs. Consistent with the knowledge spillover channel, trial sponsors benefit more in medical fields where they had less internal expertise prior to the policy change. Despite the proprietary costs for disclosing entities, my results support more mandatory failure disclosure, as the social benefits outweigh the costs.

Bio: Menghan Wang是香港大学商学院金融学系的六年级博士生，师从Roni Michaely教授。2025年，她在Boston College做访问学者，指导导师为现任JFQA主编Ran Duchin教授。她的研究兴趣涵盖ESG、创新、人力资本与信息披露。她热衷于在研究中运用机器学习、文本分析以及大型语言模型（LLMs）。