“厦门大学会计学科教师与研究生系列Seminar"之七

题    The effect of Regulation FD on earnings management tools selection: A natural experiment from China

报告人:  李  莹 博士研究生

主持人:  张国清  教授

    间:2017年5月2日(星期二)15:00-17:30

    点:厦门大学嘉庚409

 

论文摘要:This study  examines whether the passage Regulation Fair Disclosure (Regulation FD) affects  earnings management tools selection. By testing the samples of firms listed in  Shanghai Stock Exchange and Shenzhen Stock Exchange, applying  difference-in-difference design, we find that Regulation FD significantly  constrains private expectation guidance and prompt public expectation guidance.  Firms more likely replace private disclosure with public disclosure. We also  find accruals management is an alternative tool of public disclosure for firms  to guide analysts under Regulation FD. Furthermore, comparing with the firms who  choose to guide analysts publicly, firms with no public disclosure are more  likely to manipulate earnings. These findings suggest that firms seem to trade  off private guidance for public guidance and accruals management after  Regulation FD is issued.