会计系学术讲座系列2021年第16讲

主 题：Look Who’s Talking: An Analysis of Market Responses to Executive Earnings Call Communication

主讲人: 张元（德克萨斯大学达拉斯分校副教授）

协调人: 汝毅

时 间：2021-09-29 10:00

地 点：Zoom会议室

语 言：英文

地点： Zoom会议室

https://zoom.us/j/81361664655?pwd=L3ZFMVdnR2FGOVFUZG1UZGRxR1ArQT09

会议 ID：813 6166 4655

密码：849690

讲座摘要:

This study examines the different market implications of communication by CEOs versus other executives in earnings calls. We provide evidence of significantly stronger market responses to CEO tone than to non-CEO executive tone or CFO tone in earnings calls. This result is more pronounced for firms with higher information uncertainty and firms with greater growth opportunities. We also document a significantly positive association between market responses and the percentage of CEO communication relative to the executive team. Further analyses show that relative to non-CEO communication, CEO communication also significantly affects the earnings response coefficients, suggesting that CEO communication assists investors’ interpretation of the earnings news. Our results underscore the importance of CEOs’ direct communication with investors as part of corporate disclosure strategy.

主讲人简介:

张教授是美国德克萨斯州大学达拉斯分校副教授，博士毕业于美国南加州大学，本科毕业于清华大学，曾任教于哥伦比亚大学商学院，研究领域涉及财务会计与财务报告、会计信息在股票估值中的使用、证券法规、证券分析师等方面，已在The Accounting Review、Journal of Accounting Research、Journal of Accounting and Economics、Contemporary Accounting Research、Review of Accounting Studies、Management Science、Journal of Portfolio Management等国际顶级会计和管理学期刊上发表多篇学术论文，其文章被The Economist、Business Week、Los Angeles Times、Reuters及The Wall Street Journal等世界知名刊物引用。张教授目前是Associate Editor of Asia-Pacific Journal of Accounting & Economics, 并任The Accounting Review及the International Journal of Accounting 编委。