财务与会计系列讲座第30期:独立董事的监督作用

发布者:商学院办公室     时间:2019-04-12

论坛主题:Do Independent Directors Monitor? Evidence from Their Opinions on Material Events

报告人:张新  复旦大学管理学院副教授、博士生导师

时间: 2019年4月19日(星期五)  9:30-11:30

地点:  商学院大楼318教室

邀请部门: 会计学系、企业财务研究所


报告概况:

We examine the market reaction to the tone in independent director opinion reports on material events released by Chinese listed companies during the period 2004 to 2014. We document significantly negative cumulative abnormal returns surrounding the issuance of reports that have a conservative tone. The informativeness of independent director tone is influenced by a firm’s transparency and the relative importance of the directorship to independent directors. We also find that firms with conservative independent director reports exhibit higher probability of fraud and restatement and lower operating income. Overall, our results show that independent directors in China play a monitoring role.

 

报告人概况:

张新,毕业于加拿大皇后大学,获金融学博士学位,现任复旦大学管理学院副教授,博士生导师。研究方向为企业财务,卖方分析师,国际会计,国际金融,相关研究成果发表在Journal of Accounting & Economics、Journal of Financial and Quantitative Analysis、Journal of Business Research、Journal of Banking & Finance、Asia-Pacific Journal of Financial Studies、China Journal of Accounting Studies和《世界经济》等本领域重要的中英文学术期刊上。

 

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