讲座题目：Financial Reporting Quality and Myopic Investments: Theory and Evidence

讲座时间：2022年12月9日（星期五）上午9:00-10:00

讲座方式：腾讯会议ID：110-608-784

密码：221209

讲座链接：https://meeting.tencent.com/dm/o9GSrtdlS7UJ

主讲人

张程，新西兰惠灵顿维多利亚大学金融学助理教授，于伦敦政治经济学院获金融学博士。研究领域为衍生品、财务会计、信息经济学、投资学。成果发表于Journal of Financial and Quantitative Analysis,  Journal of Futures Markets等期刊。

Dr. Cheng Zhang is an Assistant Professor of Finance at the School of Economics and Finance, Victoria University of Wellington. Dr. Zhang received her Ph.D. in Finance from the London School of Economics in 2017. Her research interests include derivatives, financial reporting, information economics, and investments. Her work has been published in the Journal of Financial and Quantitative Analysis and the Journal of Futures Markets.

作者：Heng Geng Victoria University of Wellington Cheng Zhang Victoria University of Wellington - Te Herenga Waka Frank Zhou University of Pennsylvania - The Wharton School

讲座简介：We present theory and empirical evidence that greater financial reporting quality can incentivize myopic investments. In the model, greater financial reporting quality increases investor response to earnings and, in turn, the importance of earnings for the manager, elevating her incentive to invest myopically to improve earnings. Using the setting of Big N auditors’ acquisitions of non-Big Ns, which increased investor response to earnings for the acquired client firms, we find evidence supporting myopic investments. Specifically, acquired clients decrease intangible investments, particularly when (i) the increase in investor response to earnings is larger and (ii) the horizon of shareholders is shorter. The investment decrease is inefficient, as evidenced by reduced profitability, fewer exploratory innovations, and other measures.

关键词：Financial reporting quality; Earnings response coefficient; Measurements; Myopia; Intangible investments; Patents; Real effects; Innovations