时间:2015年9月29日(周二)下午14:00
地点:史带楼602室
主持人: 张新 博士
演讲嘉宾:倪晨凯 (中国人民大学)
Title:Individual Investors’Horizon and Corporate Disclosure Policies
Abstract:In this study, we investigate whether individual investors’horizon affects corporate disclosure policies. The 2012 Dividend Tax Reform in China introduces plausibly exogenous variation in individual investors’horizon as it ties an individual’sdividend tax rate to hershare holding period. We find thathigh dividend payout firms, which are likely to see an increase in their individual investors’horizon, experience an reduction in the degree of accrual earnings management compared to low dividend payout firms. Such an effect ismuted when the agency conflict between the controlling shareholder and minority shareholders is severe. Analyses of income from non-operative activitiesand real earnings management activities provide corroborative evidence. The improvement in corporate disclosure quality owing to individual investors’longer horizon ultimately results in a better information environment, as reflected in more accurateanalysts’forecasts. Overall, we document that a longer horizon of individual investors can lessen the pressureof managers to inflate short-term reported earnings, leading toless biaseddisclosures.
会计学系
2015-9-24
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