講座人：胡曉莉

講座主題：Disclosure Clustering and Scheduled Macro News Announcements

摘要：We adopt a real-option perspective and examine how scheduled macro news announcements shape the timing of corporate disclosures. Under a real-option framework, managers have an incentive to wait until the realization of macro news to make disclosure decisions. Once scheduled macro news is announced, managers who find it beneficial will disclose private information, leading to a clustering of corporate disclosures. Employing the setting of Federal Open Market Committee (FOMC) pre-scheduled meetings, we document that management guidance clusters during the [1, 3] day window following FOMC meetings. This clustering effect is more pronounced when the cost of waiting is low and when the potential benefit of waiting is high. This effect does not result from timely disclosures of managers’ updated beliefs after FOMC meetings and is not significantly affected by managers’ career concern. We conclude that the option value of waiting causes corporate disclosures to cluster after scheduled macro news announcements.

講座時間：2018年12月14日，周五，14:00開始

講座地點：學院南路學術會堂604

講座人簡介：胡曉莉，香港城市大學會計系助理教授。2010年、2013年于南京大學分别獲得會計學學士和碩士學位，2018年于新加坡國立大學獲得會計學博士學位，現任職于香港城市大學商學院會計系。研究興趣主要集中在宏觀因素在公司決策中所起的作用和銀行相關研究。曾在《經濟研究》等期刊發表學術成果，并有多篇英文工作在國際頂級期刊審稿中。