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学术报告

主讲人: Rui Shen
主讲人简介: Rui is an associate professor at CUHK-Shenzhen. Before joining CUHK-Shenzhen, Rui worked as an assistant professor at NTU Singapore and Rotterdam School of Management (RSM), Erasmus University. He has taught Intermediate Financial Accounting for Bachelor students, Financial Analysis and Equity Valuation for master students in finance and Accounting for non-business master students. His main research interests are expectation formation and applying new techniques in the interdisciplinary research. His research has been published in Review of Financial Studies, The Accounting Review, Journal of Economic Theory, Journal of Financial and Quantitative Analysis, Review of Accounting Studies and Strategic Management Journal.
主持人: Xiaoran Ni
简介: We use a setting of overlapping conference calls, which is when multiple calls occur at the same time for firms covered by the same analyst, to examine the effect of analysts’ limited attention on managers’ voluntary disclosure choices. We first document that during overlapping calls, analysts are asking less questions and when they do ask questions they ask less future-oriented questions and questions containing complex financial terminologies, which is consistent with them being subject to limited attention. Our tests fail to provide any evidence that management changes the day and time of the call in such a way to reduce overlapping calls. Firm characteristics associated with overlapping calls include calendar fiscal quarter end, headquarter’s time zone and industry classification, most of which are factors that managers are unlikely to change. Most importantly, we find that with high overlapping calls managers issue more earnings guidance, consistent with managers offsetting analysts’ attention scarcity with more voluntary disclosures. While prior studies have mainly focused on showing the effects of receiver’s limited attention on receivers’ behavior, we study the effects of receiver’s limited attention on the behavior of information senders. 
时间: 2022-04-26(Tuesday)16:40-18:00
地点: The seminar will be held online
期数: 金融经济学系列讲座2022年春季学期第二讲(总91讲)
主办单位: 厦门大学经济学院、王亚南经济研究院
承办单位: 厦门大学经济学院、王亚南经济研究院
类型: 系列讲座
联系人信息:
语言: English
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