财务金融系系列讲座之204期

时间：2016年12月20日（周二）13:30

地点：史带楼503室

主持人：Prof. Qi ZHU　 Department of Finance, School of Management, Fudan University

主题：Public Trust in Companies and Financial Report Misstatements

演讲者： Dr. Rui SUN   Ph.D. in Finance at Nanyang Technological University, Nanyang Business School

摘要： This paper documents that the generalized public trust in companies held by residents of a state reduces the likelihood of financial misstatements made by public firms headquartered in the same state. A closer examination reveals that public trust can only significantly reduce the likelihood of misstatements due to reporting errors, but it is ineffective in reducing misstatements due to irregularities. This implies that honest managers prefer to maintain the trust placed in them and take more care not to accidentally misstate, while dishonest managers dismiss or exploit public trust. The above findings are clearly consistent with the idea that corporate culture is aligned with local culture, and can also be partly explained by managers’ concern about investors’ opinions, since my results show that stock market reactions to restatements are more negative for firms located in more trusting states. Additional evidence also supports that public trust has limited impacts when earnings are manipulated in an obscure way, or when corporate governance is poor.

简介： Rui Sun is a Ph.D. candidate in Finance at Nanyang Technological University, Nanyang Business School. Her research interests are focused on empirical corporate finance, spanning across various topics such as financial reporting quality, cash flow allocation, and insider trading etc. Before she joins in the finance Ph.D. program, Rui majored in financial engineering, and earned her undergraduate degree from Renmin University of China and her master’s degree from Nankai University.

财务金融系

2015-12-15