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      【12月18日】【商學院學術論壇】Common ownership on the supply chain and corporate earnings management

      發布日期:2019-12-09  點擊數:

      講座題目:Common ownership on the supply chain and corporate earnings management

      講座時間:2019年12月18日上午10:00-11:30

      講座地點:主教615會議室

      主講人:韓劍雷博士

      主講人介紹:

      韓劍雷博士現任澳大利亞麥考瑞大學應用金融學高級講師,澳大利亞昆士蘭大學金融學博士畢業。曾任職于塔斯馬尼亞大學(2017-2018)。研究領域主要包括中國資本市場、公司金融和治理等。主要研究發表在Journal of Financial Markets, Journal of Financial Research, Abacus, Pacific-Basin Finance Journal等學術期刊上。

      講座摘要:

      We investigate the relation between common institutional ownership on the supplier-customer relationship and the supplier’s earnings management. We find that the common ownership significantly reduces the supplier’s discretionary accruals. This effect is more pronounced for firms with lower information transparency and higher market threat. Moreover, there is no trade-off between discretionary accruals and real earnings management for such firms. Instead, we find that the common ownership reduces the supplier’s real earnings management as well. This effect is concentrated on the firms with poor governance. To establish causality, we use an instrument constructed around a shock to common ownership following a large mutual fund scandal and find robust results. Overall, our results provide evidence that common ownership in supplier-customer relationship reduces corporate earnings management.

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