题目：Forecasting Ability, Firm Welfare and Managerial Skill
演讲者：Charles Hsu
Acting Head, Associate Professor
Hong Kong University of Science and Technology
时间：2016年12月27日（周二）上午 10：00 - 11:30
地点：嘉庚二 205
主持人：郑祯 助理教授
参 加 者：对会计、财务研究有兴趣的师生
简介：We examine whether the ability to deliver high quality forecasts reflects greater managerial skills. We expect that managers are more likely to provide consistent forecasts when they can better anticipate future events in the business environment and their impact on earnings. Increased information processing ability as evidenced by greater forecast consistency should be associated with better corporate decisions and financial disclosures. Consistent with this view, we find that firms with CEOs who deliver more consistent forecasts experience higher profitability and higher valuation. We also find that this forecasting ability is, to a large extent, a CEO rather than a firm characteristic. Finally, we find that CEOs with greater forecasting skill experience better careers.