题 目：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
时 间：2017年5月2日(星期二)，15:00-17:30
地 点：厦门大学嘉庚一409室
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.