讲座内容：How Do Capital Markets Process Financial Reporting Information? A Valuation-Theory-Guided Examination
Guochang Zhang is Area Head of Accounting and Law and a professor of accounting at the University of Hong Kong. He previously held academic positions at the Hong Kong University of Science and Technology and The University of Waterloo, Canada. He received a Bachelor degree (Engineering) from Shanghai Jiaotong University, and an MSc (Accounting) and a PhD (Finance) from the University of British Columbia. He has published papers in top academic journals including The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, Contemporary Accounting Research, Review of Accounting Studies, and Management Science. His monograph “Accounting Information and Equity Valuation: Theory, Evidence, and Applications” is of relevance to both academic researchers and investment professionals, and is useful teaching material for doctoral and master programs. He serves as an Associate Editor of European Accounting Review, and a member of the Financial Reporting Standards Committee of the Hong Kong Institute of Certified Public Accountants.
Abstract：We systematically examine how capital markets process financial reporting information as manifested through quarterly performance reporting. We use valuation theory to identify core information conveying current and future value generation-comprising earnings, profitability, capital investment, growth, and risk. Our evidence confirms that all five theoretical factors are at work in driving both immediate price reactions to information releases and post-announcement price drift. While investors are indeed quick to react to new information, underreaction exists along all dimensions of core information. Further analysis shows that the existence of the previous post-earnings-announcement-drift anomaly, attributed to earnings news alone, depends on non‐earnings information.