报告人： University of California, Riverside 李灿林 教授
时间： 2010年3月30日（周二） 下午 1:30
地点： 武川路111号会计学院大楼2楼报告厅（206）
论文摘要如下：
Abstract
We study how corporate governance would affect market reactions to earnings
surprises: the post-earnings announcement drift phenomenon. We conjecture that both
investors’ under-reactions and over-reactions to earnings surprises can cause the post
earnings announcement drift. For a bad governance firm, we conjecture that investors
would under-react to earnings surprises as they are less confident in the earnings
announcements and attribute the earnings surprises more to the firm's luck rather than
to its ability, and it’s this under-reaction that causes the post announcement drift in a
bad governance firm. In contrast, for a good governance firm we conjecture that as
investors are more confident in its earnings surprises and attribute them more to the
firm's ability rather than to its luck, their reactions to earnings surprises could change
from under-reaction to over-reaction, and it’s this over-reaction that causes the drift in
a good governance firm. Using earnings and firm characteristics data from I/B/E/S
and Compustat together with corporate governance data we provide results supporting
these conjectures.
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