论坛主题：Do Independent Directors Monitor? Evidence from Their Opinions on Material Events

报告人：张新  复旦大学管理学院副教授、博士生导师

时间： 2019年4月19日(星期五)  9:30-11:30

地点：  bat365中文官方网站大楼318教室

邀请部门： 会计学系、公司财务研究所

报告简介：

We examine the market reaction to the tone in independent director opinion reports on material events released by Chinese listed companies during the period 2004 to 2014. We document significantly negative cumulative abnormal returns surrounding the issuance of reports that have a conservative tone. The informativeness of independent director tone is influenced by a firm’s transparency and the relative importance of the directorship to independent directors. We also find that firms with conservative independent director reports exhibit higher probability of fraud and restatement and lower operating income. Overall, our results show that independent directors in China play a monitoring role.

 

报告人简介：

张新，毕业于加拿大皇后大学，获金融学博士学位，现任复旦大学管理学院副教授，博士生导师。研究方向为公司财务，卖方分析师，国际会计，国际金融，相关研究成果发表在Journal of Accounting & Economics、Journal of Financial and Quantitative Analysis、Journal of Business Research、Journal of Banking & Finance、Asia-Pacific Journal of Financial Studies、China Journal of Accounting Studies和《世界经济》等本领域重要的中英文学术期刊上。