主题：Earnings Smoothing: Does It Exacerbate or Constrain Stock Price Crash Risk?

主讲人：加拿大滑铁卢大学陈长龄教授

主持人：西南财经大学会计学院唐雪松教授

时间：2016年5月17日（星期二）上午10：00-11：30

地点：西南财经大学柳林校区通博楼D207会议室

主办：会计学院科研处

诚邀各位老师和同学参加！

主讲人简介：

陈长龄，加拿大滑铁卢大学会计与金融学院副教授，在美国威斯康星大学麦迪逊分校获得博士学位。主要研究领域：盈余管理，市场定价，市场效率，高管薪酬，以及会计准则的经济后果等。在Contemporary Accounting Research，Journal of Financial and Quantitative Analysis，Journal of Information System等期刊发表学术论文。

个人主页：https://uwaterloo.ca/school-of-accounting-and-finance/people-profiles/changling-chen

内容摘要：

We examine the relation between earnings smoothing and stock price crash risk to evaluatethe role of earnings smoothing on the downside risk of equity values. We find that, within firm,a higher degree of earnings smoothing is associated with greater crash risk; and this association,in the cross-section, is more pronounced for firms with fewer analysts following, smallerinstitutional holdings, and positive cumulative discretionary accruals. We also use stock returnsto assess the economic significance of our results. We find that, controlling for firm fixedeffects,earnings smoothing is associated with sizable negative returns in the quarter followingthe earnings announcement. Our findings caution investors about the downside risk of firmsreporting smooth earnings, in contrast to the anecdotal belief that these firms are low in equityrisk.