时间：2014年11月14日（周五）9:00-10：30
地点：嘉庚二号楼501教室
主持人：Ji Wu, Assistant Professor of Finance, IFAS
题目一：Minority Shareholder Participation and Earnings Management: A Test of Catering Theory
报告人：刘莎莎，北京大学金融学博士生，已在国内外知名期刊发表11篇论文，并有2篇论文分别在Accounting Review和Review of Finance二审中
论文摘要：
Using a novel online voting dataset in China’s stock market, we test a catering theory by examining impacts of minority shareholders’ pressures on earnings management, and attempts to answer: 1) what is the role of minority shareholders participation (MSP) in corporate governance? and 2) does MSP serve as an external monitor to managers, or does it put excessive pressure on them? We document that: 1) MSP plays limited role in external monitoring. 2) firms facing high MSP levels tend to manage earnings more actively. To address the endogeneity, we introduce propensity score matching and difference-in-difference methods, instrumental variables, and Heckman estimation to show that our results are robust to different specifications and alternative measures. In addition, information asymmetry, proposals’ importance, managerial incentives, and CEO financial expertise significantly affect firms’ catering behaviors.