德勤-复旦会计论坛系列讲座之一百六十八

 

时  间:2019年10月8日(周二)下午14:00

地  点:史带楼302室

演讲嘉宾:黄俊 (上海财经大学)

主  题:It’s a Small World: The Importance of Social Connections with Auditors to Mutual Fund Managers’ Portfolio Decisions

 

摘  要:

We examine the impact of social connections between mutual fund managers and auditors of public firms on mutual fund stockholdings. We find that mutual funds whose managers are socially connected with firm auditors hold more shares of these firms. In cross-sectional tests, we find that the effect of social connections on mutual fund stockholdings is more pronounced when the social connections are stronger, for small audit firms, and for public firms with greater business opacity, stock price synchronicity, and systematic risk. We further document that mutual funds with socially connected auditors engage more in informed trading and generates superior portfolio returns. In compensation, connected auditors benefit from more audit business and higher audit and non-audit fees from public firms. Our findings suggest information transfer from auditors to mutual fund managers through their social connections, which helps mutual fund portfolio decisions.

 

报告人简介:

Dr. Jun Huang (黄俊) is the professor of School of Accountancy in Shanghai University of Finance and Economics. Before joining SUFE, he has been a post-doctor fellow in Chinese University of Hong Kong. His research interests include corporate governance, firm organization and mutual fund. He has published several papers in Financial Management, Journal of Corporate Finance, Journal of Accounting, Auditing & Finance and Journal of International Accounting Research. He has won several best paper awards, such as 2014 China Young Scholar Corporate Finance and Governance Symposium, 2007 China International Conference in Finance, and 2007 TCFA-CICC.

 

会计学系

2019-10-8