Time/时间：10月17日（周五）10:00-11:30

Venue/地点：Room 501, Jiageng Building 2/嘉庚二号楼501教室

Topic/题目：Management Forecasts and Investment Efficiency: Evidence from a Natural Experiment

Speaker/报告人：郏奕帆助理教授

Abstract/摘要：

This study examines the effect of management forecasts on investment efficiency by exploiting a regulatory change that provides plausibly exogenous variation in the presence of forecast disclosure. A Canadian security issuer that produces minerals and metals had been required to provide forecasts in technical reports, and, in 2011, firms with gross revenues above certain thresholds were exempted from this requirement. We exploit both the before-and-after and discontinuous rule variation, and show that exempting firms from issuing forecasts increases the sensitivity of investment to Q, suggesting that mandating such forecasts reduces investment efficiency.We exploit the before and after and discontinuous rule variation, and show that exempting these forecasts increases investment-q sensitivity, suggesting that mandating certain forecasts lowers investment efficiency. Additional evidence suggests that this effect likely arises from forecast exemptions enhancing managerial learning from stock prices, mitigating short-termism, and reducing competitive pressures.

About the Speaker/报告人简介：

郏奕帆，现任厦门大学财务管理与会计研究院助理教授，博士毕业于香港大学。其研究兴趣主要包括劳动力市场与会计、银行会计。