财务金融系系列讲座之232期

时间：2018年10月16日（周二）13:30

地点：史带楼503室

主持人：Ph.D. Na ZHANG　 Department of Finance, School of Management, Fudan University

主题：Regulatory Demand and Earnings Management in IPOs

演讲者：Prof. Xiaping Cao (Jerry) Associate Professor of Finance, Sun Yat-sen University

摘要：We use a quasi-natural experiment to show that earnings management depends on regulatory demand in a transitional economy. China Securities Regulation Commission (CSRC) first time strengthened the scrutiny on information disclosed by IPO firms in December 2012. Prior to the enforcement, aggressive earnings management in IPOs is attributed to lax regulatory demand. Following the elevated regulatory scrutiny, earnings management of issuers shows a pronounced decline on IPO year. The extent of the success in the regulatory scrutiny depends on incentives of insiders to comply, e.g., ownership structure and cost of IPO failure. On the other hand, the response of third party gatekeepers to the regulatory demand suggests great conflict of interest among low reputable auditors.

简介：Xiaping Cao (Jerry) obtained his Ph.D. in Finance from Boston College in 2008 and Ph.D. in Economics from McGill University in 2003. Prior to his doctoral study, he obtained the master's degree in Economics from University of Western Ontario Canada. His research interests include Corporate governance, Political risk, Executive compensation, Venture Capital, M&A. His papers have been presented in many academic journals including Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Business Ethics.

财务金融系

2018-10-10