講座人：Hong Xie

講座主題：Mandatory Repurchase Disclosure, Opportunistic Repurchases, and Their Real Effects

摘要：In 2003, the SEC amended Rule 10b-18, significantly increasing the disclosure requirements for and transparency of share repurchases. We examine whether the amendment affects (1) firms’ use of stock repurchases to meet or beat analyst earnings per share (EPS) forecasts (i.e., opportunistic repurchases per Hribar et al. (2006)), (2) the market’s response to earnings surprises of opportunistic-repurchase firms, and (3) the negative real effects of opportunistic repurchases (i.e., reduced employment, capital expenditures, and R&D expenses per Almeida et al. (2016)). We find that opportunistic repurchases are curtailed, the market discounts earnings surprises of opportunistic-repurchase firms more severely, and the negative real effects of opportunistic repurchases are attenuated following the 2003 SEC amendment. Overall, our evidence suggests that the increased transparency of share repurchases mandated by the 2003 SEC amendment has significantly altered both the corporate use of repurchases as an earnings management device and the real consequences of opportunistic repurchases.

講座時間：2019年6月19日，周三，15:30開始

講座地點：學院南路主教216

講座人簡介：謝宏（Hong Xie）現任職于美國肯塔基大學（University of Kentucky）蓋頓商學院會計系副教授。研究方向為會計與審計。在The Accounting Review (TAR)、Contemporary Accounting Research (CAR)、Review of Accounting Studies(RAS)等學術期刊上發表論文多篇，論文擁有高引用率；同時擔任The Accounting Review、Review of Accounting Studies、Contemporary Accounting Research等一流期刊的特約評論人。