会计系学术讲座系列2021年第23讲

主 题：财务报告可比性对价格发现的影响

主讲人: 耿凌峰（康奈尔大学应届博士生）

协调人: 廖冠民 汝毅

时 间：2021-12-08 12:00

地 点：线上腾讯会议

语 言：英文

地点：腾讯会议 https://meeting.tencent.com/dm/7718VnAmDQZz 

会议号：886-732-757

密码：1208

讲座摘要:

I investigate the effect of financial statement comparability on the price discovery process. Using an input-based measure of comparability and the setting of earnings announcements, I document greater short-window price reactions to earnings news when firms have higher comparability in their financial statements. The new information is impounded into prices more quickly, and there is less post-earnings-announcement drift. Meanwhile, the relative order of earnings announcements does not influence the relation between comparability and price discovery. When comparability is high, investors are more likely to search for peer information before and during earnings announcements, and there is a higher abnormal trading volume around earnings announcements. Other market participants, including short sellers, are also influenced by comparability. Taken together, this study provides empirical evidence that financial statement comparability reduces information processing costs and improves the speed of price discovery.

主讲人简介:

Lingfeng Geng is a doctoral candidate in Management (Concentration in Accounting) of Samuel C. Johnson Graduate School of Management, Cornell University. His research areas of interest include information processing costs, corporate disclosure, capital Markets, ESG.