财务、会计seminar第一百四十五期讲座

演讲题目:  实验研究方法在财务会计研究中的应用:财务报告可读性对投资者的影响

 

演  讲 者: 周波 

           教授

          上海财经大学

 

演讲时间:  2016年12月30日(周五)下午 14:30 -  16:00

 

演讲地点:嘉庚二205室

 

主  持 人:陈亚盛 教授

 

参  加 者:对会计、财务研究有兴趣的师生

 

讲座简介:We conduct two experiments to investigate how readability (high  versus low) and benchmark performance consistency (consistent versus  inconsistent) influence investors’judgments. Using prior management guidance and year-ago quarter  performance as two benchmarks against which to assess actual earnings  performance, we manipulate whether the valence of guidance performance (positive  or negative) and the valence of trend performance (positive or negative) are  consistent with each other. We also manipulate the readability of trend  performance in our main experiment. Our results show that when benchmark  performance is inconsistent, higher as opposed to lower readability of positive  (negative) trend performance leads to more (less) favorable  investors’performance judgments. This effect of  readability is smaller when benchmark performance is consistent. We also show  that higher readability in the inconsistent benchmark performance condition  improves investors’ understanding of the  firm’s current-quarter performance, which in turn  influences their judgments on the firm’s future  performance. In a supplementary experiment, we manipulate the readability of  guidance performance in an inconsistent benchmark performance setting, and  replicate the key finding that higher readability of positive guidance  performance leads to more positive judgment on the firm’s future performance.