德勤－复旦会计论坛系列讲座之一百六十六
时 间：2019年6月11日（周二）下午14：00
地 点：史带楼604室
主持人：张新 副教授
主讲人：张元 (The University of Texas at Dallas)
主 题：Information overload: An empirical Analysis of SEC Filing Volumes and Analyst Forecast Properties
简 介：Firms’ SEC filing volumes have expanded significantly under the SEC’s disclosure regime in the last two decades, especially in terms of the number of filings. We show that the filing volume is significantly positively associated with analyst forecast dispersion. This result is robust to firm and year fixed effects, controls for firm fundamentals and activities, change analysis, and various identification strategies. We also find a negative effect of the filing volume on analyst forecast accuracy, particularly for filings other than periodic and current reports or for small firms and firms with high uncertainty. Overall, with respect to the corporate information environment, we show important costs, but little evidence of benefits, associated with the SEC filing volumes. Our novel focus on the SEC filing volumes sheds new light on the implications of information quantity and provides some initial empirical evidence on the “information overload” problem that the SEC has been concerned about regarding the Commission’s expanding filing requirements.
会计学系
2019-6-10
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