德勤－复旦会计论坛系列236期讲座信息
时 间：2024年 10月15日（周二）下午1:30
地 点：史带楼503教室
题 目：Materiality Uncertainty and Corporate Disclosure
报告人：李宁忠 (University of Texas at Dallas)
主持人：张新 教授
摘 要：
This study examines how heightened uncertainty in materiality judgments affects mandatory disclosure of material information, by using a Supreme Court ruling (Matrixx Initiatives, Inc. v. Siracusano) that rejected the use of bright-line rules previously relied upon in some U.S. circuit courts to evaluate materiality claims. Using a difference-in-differences approach, we find that affected firms increase materiality-based mandatory 8-K filings following the ruling, relative to unaffected control firms, whereas there is no similar effect for nonmateriality-based 8-K filings. The treatment effect strengthens when firms face higher litigation risk and when investors have more diverse opinions. The increased disclosures are primarily driven by filings containing relatively small amounts of information and by bad-news filings. These findings suggest that managers respond to heightened materiality uncertainty by making more conservative materiality judgments and increase disclosure of mandated information, particularly when the materiality is unclear and the information is adverse.
会计学系
2024-9-26
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