284th Seminar

时间: 202291610:00-11:30


题目:散户投资者信息需求影响公司信息披露吗?——基于机器学习文本主题分析模型的证据(Does Retail Investors Information Demand Shape Corporate Disclosure Practice? Evidence from A Topic Modeling Approach



摘要:This study examines whether retail investors information demand shapes corporate disclosure practice. Using a machine-learning topic modeling technique, we analyze the content of questions posted on exchange-launched online communication platforms and that of management discussion and analysis (MD&A) in periodic financial reports. After controlling for major corporate events and other confounding effects, we find that managers provide more extensive MD&A disclosures on a topic when investors post more questions about the same topic. This result varies cross-sectionally with features of investor questions and firm characteristics in a pattern that is consistent with disclosure theories. MD&A disclosures that are more responsive to retail investors’ information demand are longer, contain more readable information, and have lower levels of boilerplate and stickiness. We further find a stronger market reaction to the release of financial reports when MD&A disclosures are more responsive to retail investors’ information demand. Taken together, our findings suggest that retail investors’ information demand shapes the characteristics of information disclosed in financial reports and that managers’ efforts to meet such demand improve the informativeness of financial reports.

报告人简介:胡金帅,厦门大学财务管理与会计研究院副院长(主持)、会计学副教授、博士生导师、加州大学尔湾分校(University of California, Irvine)高级访问学者,入选财政部国际化高端会计人才和福建省会计人才库,任《当代会计评论》(CSSCI集刊)和《财务管理研究》编委会委员、国际期刊Journal of Risk and Financial Management客座主编。获厦门大学会计学硕士、香港浸会大学会计学博士学位。主讲课程的财务报表分析、财务会计、管理会计、公司治理、当代会计研究专题等本科和硕博课程,研究领域包括中国及国际资本市场会计研究、财务报告、信息披露、公司治理等。主持多项国家级课题和国家自科重大课题子课题。近年来有十余篇论文在会计、财务领域国际著名刊物发表或接受发表,包括Journal of Accounting & Economics1篇,国际顶刊Top 3 & UTD 24,获福建省社会科学优秀成果一等奖)、Review of Accounting Studies1篇,国际顶刊Top 5 & FT 50)、Journal of Corporate Finance1篇,SSCI 收录JCR一区)、Journal of International Accounting Research2篇)、Emerging Markets Review1篇,SSCI收录JCR一区)、Accounting & Finance1篇,SSCI收录JCR二区)、Journal of International Accounting, Auditing & Taxation2篇),另有1篇论文在Journal of International Business Studies(国际顶刊Top 3 & UTD 24)第4轮评审中、2篇分别在Journal of Accounting ResearchStrategic Management Journal(均为国际顶刊UTD 24)第二评审修改中。