演讲题目：Beyond Cheap Talk: Management’s Informative Tone in Corporate Disclosures
报告人：肖珉 教授
时 间：2019年5月23日（周四） 下午15：00-16：30
地 点：嘉庚一 504
主持人：吴育辉 教授
参加者：对会计、财务研究有兴趣的师生
摘要： This study investigates the information content of the Management Discussion and Analysis (MD&A) section included in the annual report of listed Chinese companies. We develop a Chinese word dictionary to classify words into positive and negative categories to measure management’s tone. Our results indicate that management’s tone is positively associated with future earnings and the tone is particularly useful when firm future growth is uncertain, accounting information is difficult to understand, and board monitoring is strong. Our further analyses show that management’s tone also predicts future cash flow, future sales growth, market reactions, analysts’ revision, and institutional investors’ shareholding. Together, we provide robust evidence that in emerging market like China, linguistic tone can convey valuable information, which is beyond cheap talk.