Time/时间：11月27日（周一） 上午9:30-11:00
Venue/地点：Room 501, Jiageng Building 2/嘉庚二号楼501教室
Topic/题目：Managerial Sentiment and Cost Stickiness
Speaker/报告人：余扬新教授
Facilitator/主持人：邓婕助理教授
Abstract/摘要：We explore the causal effect of managerial sentiment on firms’ cost stickiness, using terrorist attacks as an exogenous source driving psychological changes in managerial sentiment. We find that firms located in the attacked metropolitan areas experienced a significant decline in cost stickiness for the first two fiscal quarters after the terrorist attacks. We further find that the effect is more pronounced for firms with inexperienced, less-confident or short-horizon CEOs; and when attack events are more salient and managers have limited prior exposure to negative events. Our main findings are robust to a variety of additional tests. Overall, our study suggests that shocks induced by exogenous negative events affect managerial sentiment. In turn, they shape managers’ real operating decisions.
About the Speaker/报告人简介：余扬新现为香港城市大学商学院会计系教授。余教授于香港科技大学会计系获得博士学位后，在澳大利亚国立大学担任教职，之后加入香港城市大学会计系。余教授现任城大商学院博士项目主任, 以及Asia-Pacific Journal of Accounting & Economics会计类主编, 并曾任Journal of International Business Studies审稿编委。余教授的研究领域包括公司披露、高管薪酬、企业社会责任。其成果发表于Journal of Accounting and Economics, The Accounting Review, Journal of Financial and Quantitative Analysis, Strategic Management Journal等会计、金融、管理期刊。