讲座主题一：Captured by Mutual Funds: Do Cross-Audits Undermine Auditor Independence?
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.
讲座人简介：陈旸旸，香港理工大学会计与金融学院副教授。2011年毕业于澳大利亚墨尔本大学，获经济学博士学位。研究领域为金融与会计、公司治理、审计、行为经济学。曾在Journal of Financial Economics，The Accounting Review，Contemporary Accounting Research，Review of Accounting Studies，Journal of Financial and Quantitative Analysis等期刊发表多篇学术成果。
讲座主题二：Do Investors Turn a Blind Eye to Risk-Factor Disclosures by State-Controlled Firms?
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.
讲座人简介：陈峰，多伦多大学管理学院副教授。2008年毕业于哥伦比亚大学，获管理学博士学位。研究领域为审计、公司信息披露、公司治理、财务报告以及国际会计等。曾在Journal of Accounting Research，The Accounting Review，Contemporary Accounting Research，Review of Accounting Studies等期刊发表多篇学术成果。
讲座主题三：Limited Attention: Implications for Financial Reporting
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.
讲座人简介：卢近知，来自芝加哥大学布斯商学院（University of Chicago Booth School of Business）。