【AFR通知】欢迎参加AFR Seminar NO.137

AFR Seminar NO.137

主   题： Regulatory Demand and Earnings Management in IPOs
主讲人：曹夏平 教授（西交利物浦大学国际商学院）
时   间： 2020年11月26日（周四）15:00-17:00

地   点： 腾讯会议（会议ID：544 451 301）

本次讲座对外开放，请加入会议时将个人姓名备注为 真实姓名+单位
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内容提要：
We use a quasi-natural experiment to show that earnings management depends on regulatory demand in a transitional economy. China Securities Regulation Commission (CSRC) first time strengthened the scrutiny on information disclosed by IPO firms in December 2012. Prior to the enforcement, aggressive earnings management in IPOs is attributed to lax regulatory demand. Following the elevated regulatory scrutiny, earnings management of issuers shows a pronounced decline on IPO year. The extent of the success in the regulatory scrutiny depends on incentives of insiders to comply, e.g., ownership structure and cost of IPO failure. On the other hand, the response of third party gatekeepers to the regulatory demand suggests great conflict of interest among low reputable auditors.

演讲人简介：
曹夏平，西交利物浦大学国际商学院金融系教授，MIT REAP 广州中心主任，金融领域知名学者，教授博导，南方金融科技研究院院长，广东省重大行政决策咨询委员会委员，广州股权交易中心委员，毕业于波士顿学院金融博士，多年海外教学科研和管理经验。在金融，区块链和科技金融方面享有国际声誉。在国际金融和管理顶级期刊发表论文多篇，包括Journal of Financial Economics, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Quantitative and Financial Analysis, Management Science以第一作者发表学术论文。曾长期在新加坡任新加坡交易所发起的新加坡投资者保护协会的顾问和MyMoney客座教授。

页面编辑：侯淑婷  审核：胡迪明

来源：AFR