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康奈尔大学管理学院终身教授P. Eric Yeung讲座
作者:王熙    发布时间:2018-09-25    访问次数:  
 

讲座时间:927 下午2:30

讲座地点:九里校区零号楼0202

讲座题目:Where is the Line? The Effect of Narrowed Scope of Discontinued Operations on Earnings Quality and AnalystsForecasts

AbstractIn the past decades, the U.S. accounting standards have been trending toward more narrowed scope for thebelow-the-line items. This study examines whether the quality of above-the-line (or core) earnings and analysts forecasts is affected by the recent major rule change in this regard (i.e., ASU2014-8), which imposes much more stringent criteria for classifying dispositions as below-the-line items (i.e., discontinued operations). Using data surrounding this rule change, we find that the frequency of reported discontinued operations significantly reduces after the change, suggesting underlying dispositions being buried in the core earnings. More importantly, we find that the persistence and response coefficient of core earnings significantly reduce and that analysts’ forecast errors and dispersion increase. Thus, the narrowed scope of below-the-line items required by ASU 2014-8 introduces significant noise to core earnings and increases the information asymmetry and uncertainty between managers and financial analysts. Our findings should be of interest to accounting regulators, firm managers, analysts, and investors when they interpret both above- and below-the-line items.

主讲人简介:P. Eric Yeung,康奈尔大学管理学院终身教授,研究兴趣主要集中于财务会计与资本市场中的三个方面,即经济与行为因素对市场参与者使用会计信息产生的影响、经济与行为因素对管理层提供会计信息产生的影响、会计信息与经济基本面之间的关系,其研究成果全部发表在世界最顶尖的会计和管理类学术期刊上,如The Accounting ReviewJournal of Accounting ResearchJournal of Accounting and EconomicsManagement ScienceContemporary Accounting ResearchReview of Financial StudiesStrategic Management Journal等。Yeung教授现为国际会计类顶级期刊The Accounting Review编委会委员,并担任了会计学、金融学、管理学等方面共计21家国际学术期刊和AAA年会参会论文的审稿人。2014年教授被美国著名网站Poets & Quants评选为“全世界4040岁以下最杰出的商学院教授”。

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