時間：2020年12月22日（周二上午），10:00-11:00      

地點：騰訊APP會議（會議号：請有意向參加的博士生和老師聯系趙瑩老師獲取）

研讨會詳細議程：10:00-11:00      

報告：：Data Breaches and Optimism Bias in Firm Disclosure      

報告人：付思文

摘要：This study examines the effects of data breaches on firm disclosure policies. Data breaches are normally associated with information leakage, tight regulatory oversight, and shareholders’ concerns on corporate governance and firm values. These negative consequences increase firm litigation exposure and therefore predict less optimistic earnings forecasts from breached firms in the post-breach periods. Using a difference-in-differences estimation, I find a reduction in earnings forecasts optimism bias after data breaches. The cross-sectional analyses show that the reduction of the optimism bias is more salient for firms with higher ex-ante litigation risk, those reporting negative earnings, and with higher visibility, which corroborates the litigation concern view. Further analysis suggests the result is more salient when the loss from data breaches is severe, e.g., when the data breaches involve a large number of records leakage, trigger negative market reaction upon the announcements and are a result of external attacks. Finally, I find that the breached firms exhibit less positive tones and increase risk factor disclosure in their 10K/Q filings in the post-breach periods. My main findings are robust to a battery of robustness tests.

報告人簡介：

付思文，香港城市大學會計學博士研究生，研究方向為公司披露、文本分析、審計、信貸風險。