财务、会计seminar第一百四十期讲座

题目:Weather-Induced  Managerial Mood and Optimistic Earnings Forecasts


演讲者:Yangyang  Chen    Assistant Professor

        Hong Kong Polytechnic University


时间:201612月9日(周五)上午 1000 - 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:Prior  research shows that weather-induced mood impacts individuals’ judgments and  decisions. Using a localized sunshine-based indicator of optimism, we examine  whether mood influences the managerial earnings forecasts of U.S. firms. We find  that managers with greater sunshine exposure preceding the earnings forecast  make more optimistic predictions about future earnings. This effect is  statistically robust and economically significant. We also find that the  documented effect of local sunshine on earnings forecasts is more pronounced  when managers are more risk-taking and when the earnings forecasts are made in a  more ambiguous environment. Collectively, our findings show that weather-induced  managerial mood is a significant determinant of managerial dissemination of  information to shareholders.


备注:讲座当天下午有兴趣与嘉宾座谈的老师和硕博研究生,可以发邮件给郑祯老师预约zhenzheng@xmu.edu.cn