“厦门大学会计学科教师与研究生系列Seminar”之三十六

信息来源: 发布时间:2018年10月09日

 为了活跃厦门大学会计学科的学术研究氛围,激发既有教师与在校研究生的学术研究热情和积极性,促进教师之间、教师与研究生之间、研究生彼此之间的深入交流、思想碰撞与知识分享,我们组织了由厦门大学会计学科的常任教师、博(硕)士研究生、国际访问学者等作为报告人的系列Seminar。该Seminar将冠以“厦门大学会计学科教师与研究生系列Seminar”的总标题,从2017年3月14日起,每周周二下午15:00-17:30举行。该Seminar与已有的“财务、会计Seminar”(主要聘请校外与境外的学者担任报告人) 相互补充,以期能够更好地推动厦门大学会计学科的学术发展。

 

题   目:Corporate Hedging, Information Environment, and Stock Price Crash Risk

报告人:司   毅 助理教授

主持人:张国清 教授

时   间:2018年10月16日(星期二),

             15:00-17:30

地   点:嘉庚二203室

论文摘要:

This study investigates the effect of corporate hedging on stock price crash risk. We test two competing hypotheses. Under the transparency hypothesis, hedging reduces a firm’s information asymmetry and lowers crash risk. Under the opacity hypothesis, hedging decreases financial reporting quality and increases crash risk. Using a comprehensive sample of firms from 1996 to 2015, we find evidence in support of the transparency hypothesis. This result is robust to various sensitivity checks, including treatment model, difference-in-differences test, and subsample analysis. We further show that curbing bad news hoarding, curtailing overinvestment, and increasing breadth of ownership are potential channels through which hedging mitigates crash risk. Additional tests on securities class-action litigations provide consistent results.