讲座主题：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.
讲座人简介：谢宏（Hong Xie）现任职于美国肯塔基大学（University of Kentucky）盖顿商学院会计系副教授。研究方向为会计与审计。在The Accounting Review (TAR)、Contemporary Accounting Research (CAR)、Review of Accounting Studies(RAS)等学术期刊上发表论文多篇，论文拥有高引用率；同时担任The Accounting Review、Review of Accounting Studies、Contemporary Accounting Research等一流期刊的特约评论人。