演讲题目：inconsistent signals, earnings annoucements and market uncertainty
演 讲 者： wen he
university of new south wales（unsw）会计系副教授
演讲时间： 2016年7月8日（周五）下午14:30—16:00
演讲地点： 嘉庚二203
主 持 人：蔡宁 教授
参 加 者：对会计、财务研究有兴趣的师生
讲座论文摘要：we test the proposition in johnstone (2015a) that new information may lead to higher, rather than lower, uncertainty about firms’ future payoffs. based on the bayesian rule, we hypothesize earnings news that is inconsistent with investors’ prior belief will lead to higher market uncertainty. using earnings surprises in the past few quarters to proxy for investors’ prior belief, we find supporting evidence that inconsistent signals increase market uncertainty measured by implied volatility. inconsistent earnings news has a larger effect on market uncertainty when prior beliefs are stronger, when the news is negative, when firms have a better information environment, and when investor sentiment is low. overall, our evidence shows that new information does not necessarily reduce market uncertainty.
演讲题目：accounting losses and investor protection
演 讲 者： chao (kevin) li
university of new south wales（unsw）会计系助理教授
演讲时间： 2016年7月8日（周五）下午16:15—17:45
演讲地点：嘉庚二203
主 持 人：蔡宁 教授
参 加 者：对会计、财务研究有兴趣的师生
讲座论文摘要：around the world, more than 30% of listed firms report accounting losses. firms in countries with stronger investor protection are more likely to report losses. in these countries, profits are less persistent, but losses are more persistent, consistent with strong investor protection resulting in more conservative financial reporting. dividend payments predict earnings persistence. relative to non-payers, dividend payers’ losses are much less persistent (reversing to profits faster) but their profits are more persistent. this predictive power of dividends is stronger in countries with stronger investor protection.
