【讲座时间】2026年9月15日 14:00
【讲座地点】会计学院108室
【讲座主题】Impact of SEC Climate-Related Comment Letters on Mandatory and Voluntary Disclosures of Focal and Peer Firms
【嘉宾介绍】Tharindra Ranasinghe，American University
Dr. Ranasinghe joined the Kogod faculty in 2020. He obtained his doctoral degree from the University of Houston and previously served as a faculty member at the University of Maryland, College Park, and Singapore Management University. Dr. Ranasinghe’s research interests include hedging and derivative instruments, voluntary disclosure, and executive and rank-and-file employee compensation. His research has been published in leading accounting and finance journals, including The Accounting Review, Review of Accounting Studies, Journal of Financial and Quantitative Analysis, Accounting Horizons, and Journal of Accounting and Public Policy, and Journal of Accounting, Auditing, & Finance. Dr. Ranasinghe currently teaches managerial accounting and business finance.
【内容提要】
This paper examines the determinants and disclosure consequences of SEC’s climate-related comment letters (CCLs) for recipient firms and their industry peers. We find that the likelihood of receiving a CCL decreases with more climate-related disclosures in 10-Ks but increases with more such disclosures in ESG reports, indicating that the SEC uses voluntary ESG reports to identify climate disclosure deficiencies in 10-Ks. After receiving a CCL, focal firms expand climate-related disclosures in 10-Ks while leaving ESG reports unchanged. Peer firms, by contrast, reduce disclosures in ESG reports but make no changes to 10-Ks. These patterns reveal asymmetric responses by the two groups of firms in mitigating regulatory risk exposure imposed by SEC monitoring. We further find that investment by climate-sensitive institutional investors declines for peer firms post-CCL. Our findings highlight both direct and industry spillover effects of CCLs and asymmetric effects of SEC oversight across disclosures within and beyond its jurisdiction.
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