会计系学术讲座系列2020年第11讲

主 题：Earnings Guidance in Response to Increased Fundamental Analysis: Evidence from a Natural Experiment

主讲人: 杨馨（香港理工大学博士候选人）

协调人: 张敏 张博 王玉涛

时 间：2020-12-23 10:30

地 点：Zoom会议室

语 言：中英文

https://zoom.com.cn/j/63311664570?pwd=TmF4Y0lRbDFFV1h4STB1enRCYzh1dz09 

会议ID：633 1166 4570

密码：057969

讲座摘要:

Recent studies have shown that the 2016 Tick Size Pilot Program was an exogenous shock that provided incentives for investors to engage in fundamental analysis (Ahmed et al., 2020; Lee and Watts, 2020). Building on these studies, we use this program as an exogenous shock to study the effect of fundamental analysis on voluntary disclosure. We find that treatment firms experienced a significant decrease in earnings guidance after the pilot program. This finding is consistent with the argument that increased fundamental analysis reduces information asymmetry between the firm and its investors, thus reducing the need to issue earnings guidance. Furthermore, we find that the decrease in earnings guidance was most concentrated in treatment firms that experienced increases in fundamental information acquisition and decreases in algorithmic trading. We also find that the negative effect of fundamental analysis on earnings guidance was more pronounced for firms with higher ex-ante information asymmetry or higher ex-ante proprietary costs. Taken together, our results suggest that an increase in fundamental analysis has a causal effect on firms’ earnings guidance.

主讲人简介:

杨馨，香港理工大学会计与金融学院会计学博士候选人，主要研究方向为自愿性信息披露，股价崩盘风险，媒体，以及产品召回相关问题。