讲座内容：Investment Opportunities, Product-related Disclosures, and
Information Environment
讲座教师：Professor NG, Tee Yong Jeffrey,Hong Kong Polytechnic University
School of Accounting and Finance
讲座时间：2017年4月14日（周五）上午10点30分
讲座地点：文泉楼南401大会议室
Abstract:This study examines how the arrival of investment opportunities affects disclosures and the information environment of a firm. We rely on a setting, Medicare national coverage decisions (NCDs), which create staggered changes in the investment opportunities available to different subsets of firms in the medical device industry. We find that NCD approvals lead to a reduction in disclosures about R&D and product development. We then investigate the role of uncertainty, proprietary cost, and financing needs in the relationship between investment opportunities and disclosures. We find that the negative association between NCD approvals and disclosures is stronger when there is greater business volatility and competition. This is consistent with uncertainty and proprietary costs, respectively, reducing information supply. The association is weaker when the firm is more financially constrained, indicating that financing needs mitigate the disinclination to disclose. In terms of the broader information environment, analyst coverage and forecast dispersion increases for firms subjected to NCD approvals. The market liquidity of these firms is lower after the approvals, consistent with greater information asymmetry resulting from reduced disclosures.
附简历
Professor Jeffrey Ng completed his Ph.D. at The Wharton School, University of Pennsylvania in 2008. Prior to joining PolyU School of Accounting and Finance in 2016 as a full professor, he was an assistant professor at MIT Sloan School of Management from 2008 to 2012 and an associate professor at Singapore Management University School of Accountancy from 2012 to 2016.Professor Ng has a broad research interest in accounting and finance. He has published in several top journals including Journal of Accounting Research, Journal of Accounting and Economics, The Accounting Review, Review of Accounting Studies, and Journal of Financial and Quantitative Anaysis. He is on the Editorial Board of The Accounting Review and is a reviewer for many journals. His teaching interests include financial accounting, corporate reporting, and financial statement analysis.
代表论文如下：
“Corruption in bank lending: The role of timely loan loss recognition” with Brian Akins and Yiwei Dou.Journal of Accounting and Economics, forthcoming.
“Voluntary fair value disclosures beyond SFAS 157 three-level estimates”with Sung Gon Chung, Beng Wee Goh, and Kevin Ow Yong. Review of Accounting Studies, forthcoming.
“Fair value disclosures beyond SFAS 157 three-level estimates” with Sung Gon Chung, Beng Wee Goh, and Kevin Ow Yong. Review of Accounting Studies, forthcoming.
“Bank competition and financial stability: evidence from the financial crisis” with Brian Akins, Lynn Li, and TjommeRusticus. Journal of Financial and Quantitative Analysis, 51(1), (2016), 1-28.
“Do loan loss reserves behave like capital? Evidence from recent bank failures” with SugataRoychowdhury. Review of Accounting Studies, 19 (3), (2014), 1234-1279. Winner of “Best Paper Award of 2013 Review of Accounting Studies Conference”.
“Management forecast credibility and underreaction to news” withIrem Tuna and Rodrigo Verdi. Review of Accounting Studies, 18 (4), (2013), 956-986.
“Investor competition over information and the pricing of information asymmetry” with Brian Akins and Rodrigo Verdi. The Accounting Review, 87 (1), (2012), 35-58.
“The effect of information quality on liquidity risk”. Journal of Accounting and Economics, 52 (2-3), (2011), 126-143.
“Implications of transaction costs for the post-earnings-announcement drift” with TjommeRusticus and Rodrigo Verdi. Journal of Accounting Research 46 (3), (2008), 661-696.
