德勤－复旦会计论坛系列讲座之146-147期

德勤－复旦会计论坛系列讲座之一百四十六

时间：2018年6月26日（周二）下午14：00

地点：史带楼503室

主持人: 方军雄 教授

Speaker：张茵绮  (American University)

Title：Does the Disclosure of Audit Partner Identity in Form AP Have Information Content? Early Evidence from Trading Volume Reaction

Abstract：This study examines whether the disclosure of an audit engagement partner’s identity contains useful information for investors. The Public Company Accounting Oversight Board (PCAOB) recently issued new rules requiring registered audit firms to disclose the identities of audit engagement partners for their U.S. public clients in Form AP effective from January 31, 2017. Using a sample of Form APs filed between January 31, 2017 and September 30, 2017, we find significant positive abnormal trading volume in the 3-day window surrounding the announcement dates of Form APs. Furthermore, trading volume reaction is larger for firms with greater business risk, larger audit offices and audit offices with worse quality controls. We also find smaller investor reaction when the audit partner’s identity is disclosed through an SEC comment letter or could be accessed through alternative sources before the disclosure of Form AP. Overall, our findings suggest that the disclosure of audit partner identity improves the transparency of audit engagements and provides new information to the stock market to evaluate audit quality.

德勤－复旦会计论坛系列讲座之一百四十七

时间：2018年7月3日（周二）下午14：00

地点：史带楼503室

主持人: 洪剑峭 教授

Speaker：郁昆  (University of Massachusetts Boston)

Title：Do Corporate Social Responsibility Reports Convey Value Relevant Information? Evidence from Report Readability and Tone

Abstract：We examine the effects of Corporate Social Responsibility (CSR) report readability and tone on future CSR performance and the market reaction around the release of CSR reports. Using a handcollected dataset of Fortune 500 companies that published standalone CSR reports from 2002 to 2014, we find that one-year-ahead CSR performance is positively associated with the change in both CSR report readability and tone, suggesting that more readable text and more optimistic tone in a firm’s CSR report are indicative of better future CSR performance. Furthermore, consistent with the view that CSR reports communicate important value relevant information to the market, we document significant market reactions to readability and tone of CSR reports. Specifically, the change in report readability is positively associated with both the abnormal trading volume and the abnormal returns around the release of CSR reports. The abnormal returns are also positively associated with the change in report tone, especially the change in the proportion of positive words. Taken together, our results substantiate the important role of CSR report readability and tone in communicating CSR performance and imparting value relevant information to the market.

会计学系

2018-6-21