讲座人：Congcong Li

讲座主题：Is the U.S. Unique? International Evidence on the Aggregate Earnings-Returns Association

摘要：We exploit differences in institutional and macroeconomic environments to shed light on what drives variation in the aggregate earnings-returns relation across countries. We find that the aggregate earnings-returns association is primarily driven by two factors—the monetary policy news conveyed in aggregate earnings and the market reaction to that news. Specifically, the aggregate earnings-returns association is more negative (less positive) in countries where aggregate earnings contain more monetary policy news as well as in countries that have a stronger market reaction to monetary policy shocks. We further find that aggregate earnings are more informative about policy changes in countries with stronger investor protection and greater macroeconomic uncertainty. Overall, our study provides new international evidence on what drives the aggregate earnings-returns relation across the globe.

讲座时间：2018年04月26日，周四，10:00开始

讲座地点：学院南路学术会堂604

讲座人简介：Congcong Li，新加坡管理大学（Singapore Management University ）助理教授，曾于2015年在University of Maryland取得博士学位、2009年在Duke University取得硕士学位，2007年于中央财经大学取得本科学位。她的主要研究兴趣包括媒体和资本市场、宏观经济和财务会计、信息披露、文本分析和信息中介等，相关成果发表于Journal of Accounting and Economics等国际知名会计学期刊。

本次论坛由中央财经大学专题学术讲座项目资助。

[编辑]：张萌