会计系2019双周论坛第十六讲

主 题：CFO Gap and Corporate Information Environment

主讲人: 陈霞（新加坡管理大学）

协调人: 廖冠民、王玉涛

时 间：2019-06-17 10:00

地 点：明德商学楼1008室

语 言：中英文

讲座摘要：

CFO gap arises when the CFO position is left vacant for a period of time between the old CFO departure and the new CFO appointment. We find that CFO gap is fairly common; over the sample period 2004-2012, about one fourth of CFO turnovers are associated with CFO gap, with CFO gap on average lasting two and half quarters. CFO gap is more likely for smaller firms, firms with lower growth potential and firms with lower return volatility. More importantly, we find that while CFO gap is not associated with significant changes in firms' financial reporting quality, it is associated with significantly negative changes in firms' voluntary disclosure and analysts' output. During CFO gap, management forecasts are less frequent and less accurate, and analyst forecasts are less accurate and more dispersed. In contrast, CFO turnovers without CFO gap on average are not associated with significant changes in firms' financial reporting quality, voluntary disclosure, or analysts' output. Our findings suggest that the absence of a CFO primarily affects firms' voluntary disclosure and communication with financial intermediaries.

主讲人简介：

Dr Chen Xia joined SMU in 2011. She has previously taught at the University of British Columbia (Canada) and University of Wisconsin-Madison (US). She got her Ph.D. and MBA from University of Chicago (US) and M.A. and B.S. from Tsinghua University (China). Her research interests include institutional investors, financial analysts, family firms, and earnings restatements. She has published in Journal of Accounting and Economics, Journal of Accounting Research, Journal of Financial Economics, Contemporary Accounting Research, and other journals. Her teaching interests include financial reporting and financial accounting theory.