题　目：Decision Usefulness of Disaggregated Labor Costs: Ex-Ante Evidence and Implications for the FASB’s Expense Disclosure Mandate

嘉　宾：李楠，Assistant Professor，多伦多大学

主持人：李烁，助理教授，上海交通大学安泰经济与管理学院

时　间：2026年10月23日（周五）09:00-10:30

地　点：上海交通大学安泰经济与管理学院包兆龙图书馆A409

内容简介:

Labor is a central input into firm production, yet financial statements provide limited visibility into how labor costs relate to future performance, because compensation is embedded within broad expense categories like SG&A. This aggregation obscures two sources of heterogeneity: labor differs from nonlabor costs, and labor assigned to different functions may have different implications for future performance. Using granular wage data, we assess the decision usefulness of labor-cost disaggregation by testing whether progressively finer disaggregation of SG&A improves forecasts of future revenue growth and SG&A intensity. Separating SG&A into wage and nonwage components yields modest gains, while further disaggregating wages into G&A, S&M, and R&D yields larger gains. Wage volatility is associated with greater analyst forecast errors and market illiquidity, and aggregate wage disclosure partially mitigates these effects. Collectively, our results inform ASU 2024-03 by showing that aggregate labor-cost disclosure is decision useful, but further disaggregation may benefit market participants.

演讲人简介：

Nan Li is an Assistant Professor of Accounting at the University of Toronto. Her research examines how human capital shapes firm value, using data from online labor platforms to uncover what employees’ career choices and workplace experiences reveal about firms and financial markets. Her work has been published in the Journal of Financial Economics, Journal of Accounting Research, and Review of Accounting Studies.

李楠现任多伦多大学会计学助理教授。她的研究关注人力资本如何影响企业价值，并利用在线招聘与职业社交平台的数据，探索员工的职业选择与职场体验如何揭示企业经营状况及金融市场中的信息。她的研究成果发表于《金融经济学期刊》（Journal of Financial Economics）、《会计研究期刊》（Journal of Accounting Research）和《会计研究评论》（Review of Accounting Studies）。

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