题　目：On the EPA’s Radar: The Role of Financial Reports in Environmental Regulatory Oversight

嘉　宾：Annika Wang, 王钰 Assistant Professor University of Houston

主持人：黄立 助理教授 上海交通大学安泰经济与管理学院

时　间：2024年05月29日（周三）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼A503室

内容简介:

This study investigates the role of corporate financial reports in the Environmental Protection Agency’s (EPA) regulatory process. Empirically, we measure the EPA’s utilization of financial reports by tracking its direct retrieval of SEC filings, leading to three key observations. First, we observe a large volume of financial reports accessed by the EPA during our sample period. Second, these financial reports serve the EPA across three distinct regulatory purposes: enforcement, monitoring, and rulemaking. Notably, the utilization of financial reports is most pronounced during enforcement investigations, compliance inspections, and significant rule proposals. Third, we find that the EPA’s reliance on financial reports is influenced by its specific information demand related to firm liquidity, solvency, and profitability. Collectively, our study provides the first empirical evidence linking firm-level accounting information to environmental regulatory activities, an aspect hitherto unexplored in the literature.

演讲人简介：

Annika Wang is an Assistant Professor of Accounting at Bauer College of Business, University of Houston. She holds a PhD in Business Administration from University of California, Berkeley and a BA in Economics and Finance from Tsinghua University. Her research spans a variety of topics at the intersection of accounting and financial economics. In particular, her recent work looks at regulators' information acquisition and analysts' forecasts around non-information events. Her research has been published in premier academic journals such as Management Science, Review of Accounting Studies, and Contemporary Accounting Research. It has also been featured in major media outlets including Wall Street Journal, Financial Times, Economist, Reuters Breakingviews, and Seeking Alpha.

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