We hypothesize and find that voluntary disclosure of attributing bad news to uncontrollable factors in earnings conference calls helps investors resolve cognitive dissonance, and thus they display a reserve-disposition effect (Chang, Solomon, and Westerfield 2016). Specifically, when firms disclose

【报告主题】观察社会现象 研究会计治理问题【主讲嘉宾】重庆大学 辛清泉【报告时间】2021年4月9日

This presentation reviews recent theoretical development in the relationship between mandatory disclosure and earnings management, explores its links to the empirical literature and discusses future research topics in this area.

本文基于580多万条公司招聘数据，分析了近年来各地纷纷加入“抢人大战”而出台的人才政策，对企业研发人才招聘和企业创新的影响。本文发现，首先，受到人才政策影响的企业，研发人才招聘数量显著上升；其次，这一效应在人才政策补贴力度更大、补贴种类更多、门槛要求更低的地区更加凸显；再次，人才政策的效果在企业利用人才的动机更强、所在城市经济发展水平更高和科研环境更成熟时更好。最后，人才政策出台后，企业的研发投入额和专利产出也显著提升。本文首次从研发人才招聘的角度，为人才政策对企业创新的影响效果和具体机制，以及其发挥作用的边界条件提供了微观证据，扩充了政府和制度因素对企业创新的影响手段与效果方面的研究，并为加

Firms in emerging markets often channel information to capital providers in their private network where trust-based dissemination enables the recipients to better verify and interpret information. In this paper, we use a regulation change that required Shenzhen firms for a more timely and transparen

This study examines the role of block ownership of banks by the same institutional investor (common ownership of banks) in the syndicate loan market. We find that common ownership of the lead and participant banks is related to both a lower loan spread and a lower syndicate concentration. These rela

【报告主题】Recognizing More Internally Generated Intang

We investigate whether pollution aversion has an effect on financial analysts’ earnings forecasting for polluting firms. We find that for firms in polluting industries, geographically proximate financial analysts in China make less favorable (i.e., less optimistic or more pessimistic) earnings forec

基于市场公平视角，本文利用沪港通前后两年数据检验了资本市场开放对内幕交易水平的影响。研究结果表明：（1）沪港通的实施有效降低了内幕交易水平，从而有助于促进资本市场公平；（2）资本市场开放对内幕交易水平的影响，在融资需求更强的公司中更为显著；（3）进一步分析表明，资本市场开放对内幕交易水平的影响，主要通过信息效应产生作用；（4）地区金融竞争水平对因融资需求导致的内幕交易水平降低存在一定的调节效应。本文结论对我国当前的资本市场开放政策具有一定借鉴意义。

Income taxes are a major expense for profitable corporations, oftentimes 25 percent or more of pretax income. This study exploits a setting – the market for corporate control – to test competing agency-based and risk-based explanations of corporate tax planning. Exploiting the staggered enactment

Using a unique dataset of fund inflow gates in China, we explore for the first time discretionary inflow restrictions in mutual funds. We show that funds imposing inflow gates on investors substantially expand their retail investor base and increase future fund flows, though they do not earn a highe

This paper analyzes how corporate disclosure has been reshaped by machine processors, employed by algorithmic traders, robot investment advisors, and quantitative analysts. Our findings indicate that increasing machine and AI readership, proxied by machine downloads, motivates firms to prepare filin