德勤－复旦会计论坛系列讲座之一百九十九-二百

德勤－复旦会计论坛系列讲座之一百九十九

时   间：2023年 5月16日（周二）上午9:00

地   点：腾讯会议，会议链接：https://meeting.tencent.com/dm/A3pCUJbUL2md

会议号：634 257 34317  会议密码：670000

主持人：张金萍 青年副研究员

报告人：‪Xiumin Martin, Professor (Washington University in Saint Louis)

题   目：Information Reliability and Market Outcomes

摘   要：

We study the used-car market to understand how public enforcement that intends to increase information reliability affects disclosure, pricing, and liquidity. In 1986, federal rules mandated the creation of odometer records, and states enforced the law in a staggered fashion. We find that used-car asking-price sensitivity to mileage increases by 34.7%, and mileage disclosure in classified ads increases by 23.4%. The findings suggest that strengthened law enforcement increases odometer credibility and enhances market participants’ use of that information. We also show significant improvement in market outcomes: a 9.6% increase in asking price and a 13.4% increase in transaction speed, as reflected in the reduction in repeated ads. The price effect arises irrespective of whether ads contain mileage disclosure, whereas the liquidity effect arises mainly through disclosure. Our study shows public enforcement can benefit the market by improving information credibility.

德勤－复旦会计论坛系列讲座之二百

时   间：2023年 5月18日（周四）下午2:00

地   点：史501教室

主持人：张金萍 青年副研究员

报告人：Xiaotao Kelvin Liu, Associate Professor  (Northeastern University)

题   目：Management Faultlines and Management Diversity

摘   要：

We investigate whether management faultlines interact with management diversity level, affecting internal governance, operating efficiency, and corporate destabilization. Management faultlines are hypothetical dividing lines splitting senior executives into subgroups based on the simultaneous alignment or overlap of executives’ demographic characteristics (e.g., Lau and Murnighan 2005). Management faultlines will likely impede information sharing, create relational and task conflicts, and distract managers from common-goal tasks (e.g., effective internal control). Therefore, we hypothesize that management faultlines compromise internal control effectiveness and operating efficiency, and increase the likelihood of corporate destabilization. Based on the extant literature, we construct management faultline measures based on demographic characteristics, including age, gender, educational background, tenure, and expertise. Consistent with our hypotheses, we find that management faultlines are associated with increased internal control weaknesses, decreased operating efficiency, and increased corporate destabilization events, whereas the overall management diversity level moderates these associations.

会计学系

2023-5-11