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【2017-6-9 学术论坛】 Readability of 10-K Reports and Stock Price Crash Risk

作者: | 发布日期:2017-06-05| 浏览次数:

讲座人:CHANSOG (FRANCIS) KIM, Professor

 

讲座主题:Readability of 10-K Reports and Stock Price Crash Risk

 

摘要:This study shows that less readable 10-K reports are associated with higher stock price crash risk. The results are consistent with the argument that managers can successfully hide adverse information by writing complex financial reports, which leads to stock price crashes when the hidden bad news accumulates and reaches some tipping point. Additional analyses show that the effect of financial reporting complexity on crash risk is more pronounced for firms with persistent negative earnings news or with transitory positive earnings news, for firms with greater CEO stock option incentive, and for firms with lower litigation risk. Finally, it appears that accrual manipulation is positively related to crash risk even in the post-Sarbanes–Oxley Act era if the manipulation is accompanied by complex 10-K reports.

 

讲座时间:201769日,周五,930开始

 

讲座地点:学院南路主教学楼1011

 

讲座人简介:Francis Kim教授现任职于纽约州立大学石溪分校(Stony Brook University),1994年于Baruch College of City University of New York取得博士学位。Kim教授的研究兴趣非常广泛,相关研究成果发表Journal of Finance, Journal of Financial Economics, Contemporary Accounting Research, Journal of Financial and Quantitative Analysis国际知名的金融学和财务学期刊。