德勤－复旦会计论坛系列讲座之一百三十九

时间：2017年12月26日（周二）下午13：30

地点：史带楼602室

主持人: 张新 副教授

Speaker：Jingran Zhao   (The Hong Kong Polytechnic University)

Title：Media Attention and Managerial Bad News Hoarding

Abstract：We investigate how media attention affects management different bad news hoarding behaviors. Media creates and disseminates information to a broad audience, which can induce managers to disclose news strategically. If managers withhold bad news and media increases the probability of discovering the bad news, managers will timely disclose the bad news exante due to reputation concerns and litigation risk. However, if managers believe the probability of media discovering the bad news is low, managers will be more likely to hide the bad news hoping the situation will reverse itself before the news is released. We use stock price crash risk as an overall outcome measure for management bad news hoarding. We find that greater media attention is associated with higher future crash risk but not with future releases of bad earnings news. These results suggest that media coverage has a monitoring effect on management earnings reporting but not effective in monitoring other bad news hoarding. Consistently, we do not find that typical corporate governance mechanisms are effective in mitigating media attention's effect on managerial bad news hoarding. Instead, we show that media attention’s effect on managerial bad news hoarding is amplified when management is more short-term oriented. Taken together, our findings suggest that media attention induces managers to conceal bad news that cannot be easily detected nor monitored.

会计学系

2017-12-25