讲座题目：In financial statements we trust: Institutional investors’ stockholdings after restatements

讲座时间：2019年12月5日（周四）10：00-11：30

讲座地点：文科楼1500会议室

主讲嘉宾：Li Chen奥克兰大学

主讲嘉宾简介：

Li Chen is a Senior Lecturer at the Department of Accounting and Finance, University of Auckland. Her research interests are in the areas of financial reporting, financial and non-financial disclosures, financial analysts, and capital markets. Her research has been published in journals such as Accounting, Organizations and Society, Journal of Banking and Finance, Journal of Business Ethics, and Accounting and Finance.

讲座主要内容：

Prior research examines the role of trust in financial settings and finds that investors in areas with high societal trust place more weight on accounting information, consistent with these investors attaching a lower probability to managerial opportunism and misreporting. However, when the trust relationship between the firm and its outside investors experiences a shock as in an accounting restatement, it is not clear whether high or low trust investors will react more negatively to that shock. We test two competing hypotheses based on confirmatory bias and unmet expectations, and find the change in institutional investors’ shareholdings around the restatement is more negative for investors from high social trust areas compared to low social trust areas. This is consistent with the unmet expectations view where institutional investors from high social trust areas having higher expectations regarding managers’ faithful reporting which makes them more surprised and disappointed when a restatement does occur.

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2019年11月28日