题目：Accounting quality and investors’ information integration of corporate disclosures
时间：2023年10月9日（周一）10:00-11:30
地点： 浙江大学紫金港校区管理学院A423
主讲人： Hayley Ma，University of Technology Sydney Business School
主讲人简介：
Hayley Ma is a Senior Lecturer at Accounting Discipline Group at the University of Technology Sydney Business School. Prior to joining UTS in 2016, Hayley was a Sessional Lecturer at the University of Sydney Business School. Hayley has a PhD in accounting from University of Sydney, which studies the management and economic impact of intangible assets. Hayley was a visiting scholar at Harvard Business School and MIT Sloan School of Management, US, in 2020, and a visiting scholar at the Smeal College of Business Pennsylvania State University, US, in 2014.
Hayley's main research expertise is in corporate investment decisions in innovation, their impact on firm performance and value, and how innovation activities are reported and disclosed by firms. She also has extensive research experience in the information environment of capital markets, financial reporting and disclosure, advancing our understanding of investors’ investment decisions and business valuations. Hayley's research is transdisciplinary in nature, integrating knowledge of different disciplines to obtain comprehensive understanding of real business issues and provide practical solutions.
摘要：
Investors encounter integration costs that prevent them from processing accounting information effectively for investment decisions. This paper provides empirical evidence on whether accounting quality affects investors’ efforts and hence the costs of integrating financial information. This study utilises the unique research setting of Chinese online interactive investor platforms, where investors post questions to which listed firms respond. This allows for the analysis of integration efforts, as reflected via the results of textual analysis of the investor questions posted on the platforms when they try to make sense of firms’ financial information. We find that investors ask more accounting-related questions after financial reports with lower accounting quality are released. We also find that previous accounting-related questions posted by investors also trigger more subsequent questions from other investors, indicating a peer effect. Findings from this research highlight the importance of accounting quality in facilitating investors' information integration, thereby offering further evidence to prompt regulators and auditors to enhance the quality of corporate financial reports.
