德勤－复旦会计论坛系列讲座之一百零七
时间：2016年10月11日（周二）下午13：30
地点：史带楼502室
主持人: 周易 博士
演讲嘉宾：傅仁辉 (上海交通大学安泰经济与管理学院)
Title：Does the Mandatory Switch from Semiannual to Quarterly Reporting Reduce the Cost of Equity? International Evidence
Abstract：This paper investigates whether the mandatory switch from semiannual to quarterly reporting reduces the cost of equity in an international setting. Using a sample of 125,614 firm-year observations gathered from 40 countries between 1990 and 2010, I find that this mandatory switch indeed reduces the cost of equity, here, by 41 basis points. This reduction, however, is present only in countries with strong legal institution or low levels of market integration. In addition, I find that more information is brought to the market and price protection decreases after the mandatory switch. Taken together, these findings suggest that while the mandatory switch from semiannual to quarterly reporting benefits shareholders, these benefits depend on the countries' institutional environments.
会计学系
2016-10-8
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