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                披露聚集与定期宏观信息公告

                来源:上海□ 立信会计金融学院   点击率:
                 

                 

                主题:披露聚集与定期宏观信息公告

                报告人:胡晓莉助理教授

                时间:20207813:30

                腾讯会议∴平台 会议ID701 885 151  会议密码:716151

                 

                报告人简¤介:

                Dr. Xiaoli Hu is an Assistant Professor of Accountancy at City University of Hong Kong. Dr. Hu’s primary research interest includes disclosure and tax. Her research has been published in journals includingJournal of Financial and Quantitative Analysis,China Journal of Accounting ResearchandEconomic Research Journal (in Chinese). Dr.Hu earned a Bachelor degree and a Master degree from Nanjing University and Ph.D in Business Administration from National University of Singapore in 2018.

                报告内容简介:

                Under the real-option theory, managers have the incentive to wait until the announcements of scheduled macro news to make disclosure decisions. Once macro news is announced, managers disclose private information when disclosure is beneficial, leading to a clustering of corporate disclosures. Employing the setting of Federal Open Market Committee pre-scheduled meetings, we document that management guidance clusters right after FOMC meetings. The effect is more pronounced when the cost of waiting is low and when the potential benefit of waiting is high. We conclude that the option value of waiting causes corporate disclosures to cluster after scheduled macro news announcements.

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                会计学院 

                20207月7日

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