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【2017-12-20 学术论坛】

作者: | 发布日期:2017-12-14| 浏览次数:

讲座时间:2017年12月20日,周三,15:30-19:00

 

讲座地点:学院南路学术会堂603

 

详细议程:

 

15:30-17:00

讲座主题:The Role of Capital Expenditure Forecasts in Debt Contracting

讲座人:Ningzhong Li

摘要:This study examines whether firms issue capital expenditure forecasts as a commitment to not engage in expropriation of lenders through opportunistic investment activities. We find that firms with higher leverage and lower credit quality are more likely to issue capital expenditure forecasts. Furthermore, for firms that issue capital expenditure forecasts, loan spreads are lower, loan contracts are less likely to contain capital expenditure covenants when the firms are financially healthy, and investment efficiency is greater. We do not find similar results for earnings forecasts. These results suggest that firms use capital expenditure forecasts as a commitment mechanism to reduce contracting costs with creditors.

讲座人简介:Ningzhong Li(李宁忠),副教授,现任职于University of Texas at Dallas,本科毕业于北京大学,2009年于University of Chicago取得博士学位。他的主要研究兴趣包括会计信息与债务契约、产业组织与会计、公司信息披露、宏观经济与微观企业绩效等,相关研究成果发表于Journal of Accounting and Economics、Journal of Accounting Research、Review of Accounting Studies等国际知名的财务与会计学期刊。

 

17:00-19:00

讲座主题:Does the Disclosure of Audit Partner Identity in Form AP Have Information Content? Evidence from Stock Market Reaction

讲座人:Mark (Shuai) Ma

摘要:The Public Company Accounting Oversight Board (PCAOB) requires registered audit firms to disclose the identities of audit engagement partners for their U.S. public clients in Form AP from January 31, 2017 (PCAOB 2015).  This study examines whether the identity of an audit engagement partner contains useful information to a client firm’s stock investors. Using an early sample of Forms APs filed between January 31, 2017 and April 30, 2017 from the PCAOB’s website, we find significant absolute abnormal stock return in the 3-day window surrounding the announcement dates of audit partner identity disclosed in Form AP. The absolute abnormal stock returns are higher for firms with greater business risk and greater information risk, suggesting that the disclosure of audit partner identity updates investors’ belief of a firm’s business risk and information risk. Further, we find that certain audit partner characteristics significantly explain signed abnormal stock returns. Overall, our findings are consistent with the PCAOB’s argument that such disclosure can provide investors and other financial statement users useful information to better evaluate audit quality and thus improve the transparency of audit engagements.  

讲座人简介:马帅,美国American University助理教授。2009年获北京师范大学管理学学士学位,2014年获美国The University of Oklahoma会计学博士学位。主要研究兴趣包括财务会计与税务会计。研究成果发表于Journal of Accounting and Economics、The Accounting Review等国际顶尖学术期刊。