一、讲座主题：

Financial Reporting Quality and Myopic Investments: Theory and Evidence

二、主讲人：张程

张程，新西兰惠灵顿维多利亚大学金融学助理教授，伦敦政治经济学院金融学博士。研究领域为衍生品，财务会计，信息经济学，投资学。成果发表于Journal of Financial and Quantitative Analysis, Journal of Futures Markets等期刊。

三、主要内容：

We present theory and empirical evidence that greater financial reporting quality can incentivize myopic investments. In the model, greater financial reporting quality increases investor response to earnings and, in turn, the importance of earnings for the manager, elevating her incentive to invest myopically to improve earnings. Using the setting of Big N auditors’ acquisitions of non-Big Ns, which increased investor response to earnings for the acquired client firms, we find evidence supporting myopic investments. Specifically, acquired clients decrease intangible investments, particularly when (i) the increase in investor response to earnings is larger and (ii) the horizon of shareholders is shorter. The investment decrease is inefficient, as evidenced by reduced profitability, fewer exploratory innovations, and other measures.

四、时间：2022年12月21日10:00-11:30

五、地点：腾讯会议572-767-854 密码：221221