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我院兼职教授、美国肯特州立大学李薇教授学术讲座
作者:陈丹    发布时间:2018-07-03    访问次数:  
 

讲座时间:2018年7月6日 下午14:30

讲座地点:信息楼0316

主讲人简介:李薇(Li Wei),Associate Professor, Department of Accounting, Kent State University. She received her Ph.D. from Washington State University in 2006. Her main research interests are to examine whether and how psychological and social factors influence investors to make investment decisions, management to make performance evaluation/financial reporting decisions and donors to make donation decisions. Her research outputs provide implications for companies and nonprofit organizations in areas of Financial Reporting, Performance Evaluation and Management.

Li has presented her research work at numerous national and international conferences, and published in top accounting journals such as Accounting, Organizations and Society and Accounting Horizons. Li is a co-recipient of two research grants from National Natural Science Foundation of China (NSFC).

讲座题目:

Management’s Strategic Disclosures on Mergers and Acquisitions
讲座内容:
The study investigates whether and how management of acquiring firms strategically disclose information about mergers and acquisitions (M&As) and whether these strategic disclosures are effective to influence markets. M&As are complicated business events and thus management’s disclosure behaviors about M&As are not static. Using the sample of M&As from 2005 to 2014, we find that management of acquiring firms strategically disclose M&A events in terms of their disclosure timing and tone. Specifically, when they announce the plan of M&As which are expected to go through, management of acquiring firms are likely to make the announcements in earlier days of a week and include more optimistic and certain language. However, when they announce the resolution of M&As, management of acquiring firms do not show a clear pattern announcement timing but make the timing choices based on whether the resolution is a completion or withdrawal and whether the deal is favorable by market or not. Also, the information in the resolution announcements are significantly less optimistic and certain than that in plan announcements. Moreover, the timing of management’s plan announcements significantly influences market attention to M&A events and the level of certainty disclosed in both plan and resolution announcements significantly influence stock returns. In contrast, the market does not pay a significant attention to resolution announcements and the level of optimism disclosed in both plan and resolution announcements do not significantly influence market.

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