光华讲坛

主题：Unsolved uncertainty and corporate voluntary disclosures 未解决的不确定性与公司自愿披露

主讲人：王雨诗 西南财经大学会计学院

主持人：赵尘 西南财经大学会计学院

时间：2022年3月29日（周二）10:00—11:30

地点：西南财经大学柳林校区 通博楼 D312

主办单位：会计学院

主讲人简介：王雨诗，西南财经大学会计学院副教授，主要研究方向为期权市场信息与公司自愿披露。研究曾在EAA, Annual Joint Baruch SWUFE Research Conference，Annual Conference on Pacific Basin Finance, Economics, Accounting, and Management, India school of business等会议报告。

摘要：This paper investigates how firm-level unsolved uncertainty after corporate earnings release affect management voluntary disclosure policies. Using large samples of quarterly management guidance and voluntary 8-K items as proxy for voluntary disclosures and patterns of change in implied volatilities around EAD as a proxy for unsolved uncertainty, we document a robust positive relation between unsolved uncertainty and forecast frequency, informativeness, bad news disclosures, and timeliness of disclosures. Consistent with the notion that managers consider the disclosures benefits and costs, cross-sectional evidence suggests that such relationship is more pronouncement when managers have information advantages, when they are more likely to notice option market information, and when firms' earnings announcement attract more market attention. Our results show the importance of second-order information from option market and provide new evidence for managerial learning perspective.