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讲座:The Transparency Premium

发布者:会计系    发布时间:2021-12-13

题 The Transparency Premium

嘉 宾:苗斌 副教授 香港中文大学(深圳)

主持人:郭凯 助理教授 上海交通大学安泰经济与管理学院

时 间:2021年12月22日(周三)13:30-15:00

地 点:腾讯会议 (校内师生如需会议号和密码,请发送电邮至diana_@sjtu.edu.cn获取)

内容简介:

We propose a novel measure of financial transparency based on the disclosure quality of profitability (DQP). DQP, which is constructed so as to capture the level of disaggregation of income statement accounts, is positively related to stock returns in the cross-section. This return premium is not explained by risk or the quality of a firm’s corporate governance. Firms with higher DQP have higher subsequent profitability and valuation. DQP decreases with product market competition, suggesting that managers introduce opacity into the income statement accounts when faced with declining profitability. Overall, DQP contains valuable incremental information regarding future firm performance.

演讲人简介

苗斌博士现任香港中文大学(深圳)经管学院会计学副教授。在加入港中大深圳之前,他曾在香港理工大学和新加坡国立大学任教,并曾在新加坡特许会计师协会担任研究主管。他的研究领域主要包括公司信息披露,实证资产定价,市场微观结构,并专注于研究会计信息对股票价格的影响。其研究成果曾在The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, Review of Accounting Studies等顶尖会计学期刊上发表。

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