学术活动

你现在的位置: 首页 > 学术活动 > 【学术活动预告】国际金融学院学术系列(第29期)

【学术活动预告】国际金融学院学术系列(第29期)

稿件来源:国际金融学院 | 作者:学工部 | 发布日期:2017-05-23

报告人:林秉旋教授
题  目:Accounting Conservatism and Short Selling: Evidence from China
时  间:2017年5月27日(周六)10:00-12:00
地  点:珠海校区行政楼国际金融学院917讲学厅
主持人: 程敏英博士
承  办:企业国际化与公司治理研究中心
协  办:国际经济研究中心

报告简介:
       Using China’s short selling pilot program as a quasi-experiment, we find that the prospect of short selling has significantly increased conditional accounting conservatism for firms eligible for short selling, consistent with short sellers’ disciplining effect hypothesis. When short selling takes position ex post, the accounting conservatism starts to decrease with the heightened downward stock price pressure. Moreover, short selling effect on increasing conditional accounting conservatism is not achieved at the expense of a reduction of unconditional conservatism, and the effect becomes stronger for state-owned enterprises (SOEs). As corroborating evidence to support the disciplining hypothesis, we show that accounting conservatism has significantly decreased for the firms that are removed from the short selling eligibility list. Our results are robust after considering the endogeneity issue of measuring downward stock price pressure and constructing the control firms using a propensity score matching method, as well as using an alternative measure for accounting conservatism. Overall, we provide important evidence on the feedback effects of the capital market on firm financial reporting.

报告人简介:
       林秉旋,美国罗德岛大学金融学终身教授,中南财经政法大学特聘“文澜学者”讲座教授。主要研究兴趣为企业并购、财务分析师和公司治理,已在JCF、JAPP、《经济研究》、《金融研究》等国内外重要期刊发表学术论文多篇。

报名链接: