讲座人：胡晓莉

讲座主题：Disclosure Clustering and Scheduled Macro News Announcements

摘要：We adopt a real-option perspective and examine how scheduled macro news announcements shape the timing of corporate disclosures. Under a real-option framework, managers have an incentive to wait until the realization of macro news to make disclosure decisions. Once scheduled macro news is announced, managers who find it beneficial will disclose private information, leading to a clustering of corporate disclosures. Employing the setting of Federal Open Market Committee (FOMC) pre-scheduled meetings, we document that management guidance clusters during the [1, 3] day window following FOMC meetings. This clustering effect is more pronounced when the cost of waiting is low and when the potential benefit of waiting is high. This effect does not result from timely disclosures of managers’ updated beliefs after FOMC meetings and is not significantly affected by managers’ career concern. We conclude that the option value of waiting causes corporate disclosures to cluster after scheduled macro news announcements.

讲座时间：2018年12月14日，周五，14:00开始

讲座地点：学院南路学术会堂604

讲座人简介：胡晓莉，香港城市大学会计系助理教授。2010年、2013年于南京大学分别获得会计学学士和硕士学位，2018年于新加坡国立大学获得会计学博士学位，现任职于香港城市大学商学院会计系。研究兴趣主要集中在宏观因素在公司决策中所起的作用和银行相关研究。曾在《经济研究》等期刊发表学术成果，并有多篇英文工作在国际顶级期刊审稿中。

[编辑]：张萌