时间：2019年12月5日（周四）10:00-11：30
地点：嘉庚二号楼501教室
题目：The Capital Gains Lock-in Effect and Earnings Quality
报告人：张怀，南洋理工大学副教授 主持人：叶建明，厦门大学管理学院、财务管理与会计研究院院长、教授 |
讲座内容：
The taxation of realized capital gains creates a lock-in effect, increasing an investor’s expected holding period. We show that the unrealized capital gains of mutual funds are positively associated with the earnings quality of their portfolio firms. Consistent with tax-induced lock-in, the effect of unrealized capital gains is more pronounced for mutual funds with tax-sensitive investors than for funds with tax-insensitive investors. Moreover, the positive effect of capital gains lock-in on earnings quality is stronger during periods when the capital gain tax rate is higher and for firms with highly concentrated mutual fund ownership. In sum, our findings suggest that locked-in mutual funds improve their portfolio firms’ earnings quality through more monitoring.
张怀教授，新加坡南洋理工大学会计学终身教授，美国哥伦比亚大学博士，他在以下会计和财务国际顶级刊物中发表了文章： Journal of Accounting and Economics, Journal of Accounting Research, Journal of Finance, Management Science, Contemporary Accounting Research 以及 Review of Accounting Studies。到目前为止，在英国金融时报顶级50商业学术期刊上已发表11篇文章。他在2011， 2013和2019年三次获得Nanyang Business School Research Excellence Award。张怀教授现任Review of Accounting and Finance和The International Journal of Accounting 国际期刊编委会成员，并为 Journal of Accounting Research, The Accounting Review, Management Science, Contemporary Accounting Research, and Review of Accounting Studies等期刊的评审人。他在2015年被福建省教育厅聘为闽江学者讲座教授，是2018年第17届中国实证会计国际研讨会的主题演讲嘉宾，以及北美华人会计教授协会(Chinese Accounting Professors' Association of North America)的当选会长。