講座主題一：Captured by Mutual Funds: Do Cross-Audits Undermine Auditor Independence?
講座人：陳旸旸（Yangyang Chen）
摘要：We analyze the impact of cross-audits between companies and mutual funds on auditors’ reporting decisions. We document that companies are more likely to receive favorable audit opinions when they appoint the same auditor as their mutual fund blockholders. In cross-sectional evidence consistent with expectations, we find that the role that cross-audits play is concentrated where the mutual fund has stronger incentives to orchestrate stock price manipulation and the auditor is more likely to be captured by the mutual fund. We further show that investors fail to detect the impact of cross-audits on audit opinions in the short-term, which enables mutual funds to exploit this temporary mispricing through stock trading. In compensation, shared auditors captured by mutual funds benefit from higher audit fees and more audit business. Our evidence suggesting that market irregularities accompany cross-audits has major implications for stock market regulators.
講座時間：2019年03月20日，周三，15:00-16:00
講座地點：學院南路學術會堂604
講座人簡介：陳旸旸，香港理工大學會計與金融學院副教授。2011年畢業于澳大利亞墨爾本大學，獲經濟學博士學位。研究領域為金融與會計、公司治理、審計、行為經濟學。曾在Journal of Financial Economics，The Accounting Review，Contemporary Accounting Research，Review of Accounting Studies，Journal of Financial and Quantitative Analysis等期刊發表多篇學術成果。
講座主題二：Do Investors Turn a Blind Eye to Risk-Factor Disclosures by State-Controlled Firms?
講座人：陳峰（Feng Chen）
摘要：We examine investor responses to risk-factor disclosures in Initial Public Offerings (IPO) prospectuses in China, which is characterized as a state-controlled economy. In such an economy, state-controlled firms receive various preferential treatments from the government, resulting in lower operating and bankruptcy risks compared to non-state-controlled firms. Consistent with the theoretical conjecture that more risk-factor disclosures reduce cost of equity, our results indicate that, high-quality risk-factor disclosures are associated with less IPO underpricing and lower post-IPO stock return volatility among non-state-controlled IPO firms. However, we find an insignificant association between risk-factor disclosure quality and IPO underpricing (or post-IPO stock return volatility) among state-controlled firms. Our findings suggest that state-offered implicit insurance becomes the predominant consideration when investors value IPO shares of state-controlled firms, thereby weakening the investor demand for high-quality risk-factor disclosures. Our study highlights the importance of considering the state control effect, which renders the high-quality risk disclosures ineffective for state-controlled firms in economies with significant government involvement.
講座時間：2019年03月20日，周三，16:10-17:10
講座地點：學院南路學術會堂604
講座人簡介：陳峰，多倫多大學管理學院副教授。2008年畢業于哥倫比亞大學，獲管理學博士學位。研究領域為審計、公司信息披露、公司治理、财務報告以及國際會計等。曾在Journal of Accounting Research，The Accounting Review，Contemporary Accounting Research，Review of Accounting Studies等期刊發表多篇學術成果。
講座主題三：Limited Attention: Implications for Financial Reporting
講座人：盧近知（Jinzhi Lu）
摘要：I develop a model to study the implications of limited attention on financial reporting. I first shed light on a fundamental trade-off between disclosing a summary versus disclosing details: although a summary contains less information about fundamentals than details, it is easier to process. Moreover, I find that when investors' decisions are complements, reporting details together with a summary does not always dominate reporting a summary alone. The main reason for this surprising result is that when investors care about the decisions of others, they are induced to process details, even if doing so is very costly. By uncovering a potential cost of reporting details, my paper contributes a novel insight into the consequence of providing detailed information, an issue that is currently being considered by the FASB in its performance disaggregation project.
講座時間：2019年3月20日，周三，17:10-18:10
講座地點：學院南路學術會堂604
講座人簡介：盧近知，來自芝加哥大學布斯商學院（University of Chicago Booth School of Business）。
