第一百九十八期财务与会计学术论坛

信息来源: 发布时间:2014年09月29日

题目:Disaggregated Management Forecasts and the Legal Environment: International Evidence

时间:2014年10月14日(周二)19:00-20:30

地点:嘉庚二号楼501教室

报告人:Albert Tsang, Associate Professor, Chinese University of Hong Kong

主持人:Jinshuai Hu, assistant professor of accounting, IFAS

论文摘要:

This study examines whether, and to what extent, investors from around the world value disaggregated forecasts (i.e., management forecasts containing projections of multiple key line items) and which forecasts items investors value the most. We find that disaggregated management forecasts are positively associated with stock market reactions, suggesting that more disaggregated forecasts are perceived to be more credible by investors globally. In addition, our results show that among all the performance measures contained in management forecasts, forecasts which contain sales forecasts or forecasts of line-items above the bottom-line net income are generally perceived by investors as more credible and hence elicit greater stock market reactions. We also find stronger stock reactions associated with management forecasts issued by firms from countries with stronger legal and regulatory environments. This evidence suggests that investors infer the credibility of disaggregated forecasts from the expected litigation risk associated with the issuance of such forecasts in different countries. Further corroborating our results, we find that managers are less inclined to issue disaggregated or sales forecasts in these countries.

讲座人简介:

Prof. Tsang got his Ph.D. in Accounting, MBA, M.Sc. in Accounting, and M.Sc. in Management Information System from University of Texas at Dallas, U.S.A. , and B.Sc. in Physics from Chinese University of Hong Kong. He has publications in top journals in accounting including Journal of Accounting and Public Policy and The accounting Review.