時間：2020年11月24日（周二下午），13:30-14:30  

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：

13:30-14:30

報告：Earnings Guidance in Response to Increased Fundamental Analysis:

Evidence from a Natural Experiment

報告人：楊馨

摘要：Recent studies have shown that the 2016 Tick Size Pilot Program was an exogenous shock that provided incentives for investors to engage in fundamental analysis (Ahmed et al., 2020; Lee and Watts, 2020). Building on these studies, we use this program as an exogenous shock to study the effect of fundamental analysis on voluntary disclosure. We find that treatment firms experienced a significant decrease in earnings guidance after the pilot program. This finding is consistent with the argument that increased fundamental analysis reduces information asymmetry between the firm and its investors, thus reducing the need to issue earnings guidance. Furthermore, we find that the decrease in earnings guidance was most concentrated in treatment firms that experienced increases in fundamental information acquisition and decreases in algorithmic trading. We also find that the negative effect of fundamental analysis on earnings guidance was more pronounced for firms with higher ex-ante information asymmetry or higher ex-ante proprietary costs. Taken together, our results suggest that an increase in fundamental analysis has a causal effect on firms’ earnings guidance.

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報告人簡介：

楊馨，香港理工大學會計與金融學院會計學博士候選人，主要研究方向為自願性信息披露，股價崩盤風險，媒體，以及産品召回相關問題。