会计系2019双周论坛第十二讲

主 题：The Determinants of Disclosure Tone Volatility and Its Association with Market-Based Assessments of Firm Risk

主讲人: John L. Campbell（佐治亚大学特里商学院）

协调人: 叶康涛、廖冠民

时 间：2019-06-03 14:00

地 点：明德商学楼1008室

语 言：英文

讲座摘要：

We examine the determinants of the volatility of a firm’s qualitative disclosure tone across time and whether this volatility is associated with market-based assessments of firm risk. On one hand, higher tone volatility might signal that the firm’s operating performance is more volatile than reflected in traditional quantitative financial measures. If so, higher tone volatility indicates higher operating risk, and would be positively associated with market-based assessments of firm risk. On the other hand, higher tone volatility might reflect managers’ effort to provide transparent disclosure about the firm’s operating performance. If so, higher tone volatility indicates higher transparency; leading to decreased information risk, and possibly lower market-based assessments of firm risk. We find that both operating risk and disclosure transparency measures are important determinants of disclosure tone volatility. Furthermore, we find that disclosure tone volatility is positively associated with market-based assessments of firm risk, suggesting that on average tone volatility conveys incremental information about the volatility of a firm’s operating performance. We find little support for an information risk role when we examine bid/ask spread. In additional analysis, we find that investor risk assessment is more strongly associated with tone volatility in the sub-sample of firms that also disclose more transparent quantitative information, suggesting that the usefulness of disclosure tone volatility hinges on the transparency of managers. Overall, our results suggest that disclosure tone volatility conveys incremental information about firm risk, and that market-based assessments of firm risk reflect that incremental information.

主讲人简介：

JOHN L. CAMPBELL, PhD, CPA is an Associate Professor of Accounting, the PhD Program Director, and the EY Faculty Fellow in the J.M. Tull School of Accounting in the Terry College of Business at the University of Georgia. He has a Bachelor of Science degree in Analytical Finance (with honors) and a Master of Science degree in Accountancy from Wake Forest University, and a PhD in Management (Major in Accounting, Minor in Finance) from the University of Arizona. Since 2010, Dr. Campbell teaches financial accounting to undergraduates, masters, and doctoral students at the University of Georgia. He has won numerous teaching awards and fellowships at the department, college, and university levels, including having won the Undergraduate Teacher of the Year award from UGA's accounting students in four out of his eight years in the department, and being selected for the Lilly Teaching Fellows Program that is awarded annually to ten assistant professors across the entire university. Previously, he taught financial and managerial accounting at the University of Arizona and Wake Forest University. Dr. Campbell's research examines stock market consequences of accounting information, and generally has implications for financial market regulations. His research is published in top accounting and finance journals, including The Accounting Review, the Journal of Accounting and Economics, the Review of Financial Studies, the Review of Accounting Studies, Contemporary Accounting Research, the Journal of Financial and Quantitative Analysis, and the Journal of Business, Finance, and Accounting. Dr. Campbell reviews for multiple academic journals each year and serves on the editorial board of Contemporary Accounting Research and the Journal of Business, Finance, and Accounting. His research has been presented across North America, as well as in South America, Europe, Asia, and Australia. Dr. Campbell has authored multiple comment letters to the Financial Accounting Standards Board (FASB), and has been invited to the FASB multiple times to discuss topics relevant to standard setting. His research has been cited by Bloomberg, SeekingAlpha.com, the Columbia Law School Blue Sky Blog, as well as in materials provided to the FASB, the IASB, and the Institute of Chartered Accountants in England and Wales (ICAEW), and he has been quoted in articles by the Atlanta Journal-Constitution and National Public Radio's Morning Edition.