题目: Do Takeover Defenses Impair Equity Investors’ Perception of ‘Higher Quality’ Earnings?
演讲者：Lee-Seok Hwang，Professor of accounting, Seoul National University
时间: 2009年4月10日（星期五）3:00—4:30PM
地点: 嘉庚二501
参加者: 对会计研究有兴趣的广大师生
主持人： 沈哲老师
论文摘要：
Prior studies investigating earnings quality have stood on the assumption that the observed
earnings quality is determined by the reporting quality (the supply for earnings quality) and the corresponding investors’ perception of the reported numbers (the demand for earnings quality). However, they have largely overlooked the possibility that the supply and the demand could diverge because of other factors that do not relate to the reporting quality directly, but do influence the market perception of the numbers. To address this unchallenged disentanglement, this paper uses the implication of takeover defenses for earnings informativeness. Under the quiet life theory, we expect that takeover protection will impair the equity investors’ perception of earnings even though they seem to be of higher quality as reported by Zhao and Chen (2008). We find that investment, as well as performance of more defensive firms, is valued at a discount, suggesting that investors perceive the investment of more defensive firms to be less value-relevant because they expect that such firms are not likely to generate sufficient profits with the investment. Furthermore, the variability of firm value is lower in such firms, which causes the investors to be concerned with the profitability and growth of a firm thereby deteriorating the investors’ perception of the current earnings. Lastly, the test using the implied cost of equity corroborates the demand side effect of the earnings informativeness. Taken as a whole, our results suggest that researchers should consider the supply and the demand for earnings quality with caution when they develop their hypotheses.
论文作者简介：
Lee-Seok Hwang is Professor of accounting from Seoul National University. He got Ph.D. from New York University and MBA & BA from Yonsei University in Seoul. His publications include Accounting Review, Journal of Accounting Research, Journal of Financial Economics, and Journal of Business.
下载:论文.pdf
Lee-Seok Hwang-CV.doc