会计系学术讲座系列2020年第11讲

来源:会计系 发布时间:2020-12-21

主 题:Earnings Guidance in Response to Increased Fundamental Analysis: Evidence from a Natural Experiment

主讲人: 杨馨(香港理工大学博士候选人)

协调人: 张敏 张博 王玉涛

时 间:2020-12-23 10:30

地 点:Zoom会议室

语 言:中英文

 

https://zoom.com.cn/j/63311664570?pwd=TmF4Y0lRbDFFV1h4STB1enRCYzh1dz09 

会议ID:633 1166 4570

密码:057969


讲座摘要:

Recent studies have shown that the 2016 Tick Size Pilot Program was an exogenous shock that provided incentives for investors to engage in fundamental analysis (Ahmed et al., 2020; Lee and Watts, 2020). Building on these studies, we use this program as an exogenous shock to study the effect of fundamental analysis on voluntary disclosure. We find that treatment firms experienced a significant decrease in earnings guidance after the pilot program. This finding is consistent with the argument that increased fundamental analysis reduces information asymmetry between the firm and its investors, thus reducing the need to issue earnings guidance. Furthermore, we find that the decrease in earnings guidance was most concentrated in treatment firms that experienced increases in fundamental information acquisition and decreases in algorithmic trading. We also find that the negative effect of fundamental analysis on earnings guidance was more pronounced for firms with higher ex-ante information asymmetry or higher ex-ante proprietary costs. Taken together, our results suggest that an increase in fundamental analysis has a causal effect on firms’ earnings guidance.

 

主讲人简介:

杨馨,香港理工大学会计与金融学院会计学博士候选人,主要研究方向为自愿性信息披露,股价崩盘风险,媒体,以及产品召回相关问题。


 

人大商学院新闻网版权与免责声明:

① 凡本网未注明其他出处的作品,版权均属于人大商学院,未经本网授权不得转载、摘编或利用其它方式使用上述作品。已经本网授权使用作品的,应在授权范围内使用,并注明“来源:人大商学院”。违反上述声明者,本网将追究其相关责任。

② 凡本网注明其他来源的作品,均转载自其它媒体,转载目的在于传递更多信息,并不代表本网对其负责。

③ 有关作品内容、版权和其它问题请与本网联系。

※ 联系方式:中国人民大学商学院宣传信息事务办公室 邮箱:media@rmbs.ruc.edu.cn

活动报名

公司班级

您的报名信息已收到!

请您耐心等待组委会手机短信通知是否报名成功,谢谢关注!

如果您的浏览器没有自动跳转,请点击这里

中国人民大学商学院 rmbs@rmbs.ruc.edu.cn 86-10-82509171 官方微信

MBA、EMBA和高管教育(EE)项目全部进入
《金融时报》全球50强

人大主页回到旧版

©中国人民大学商学院 版权所有 京ICP备05066828号-1