セミナーCARFセミナー
開催日:2025.4.9(水)
第59回CARFセミナー:Bank Stress Tests and Borrower Non-GAAP Reporting by Charles Hsu (Hong Kong University of Science and Technology)
開催日時
2025年4月9日(水)18:00 – 19:30(事前申込制)
会場
東京大学経済学研究科学術交流棟(小島ホール)1階 第2セミナー室
https://www.carf.e.u-tokyo.ac.jp/access/#campusmap
開催言語
英語
要旨
Bank stress testing is a key supervisory tool that affects large US banks. We examine the effect of bank stress tests on borrowing firms’ non-GAAP reporting. We find that firms borrowing from stress-tested banks are more likely to report non-GAAP earnings than control firms. The effect is stronger when stress-tested banks have lower capital ratios under stress scenarios and when firms have higher credit risk. In addition, we find that treated firms provide higher-quality non-GAAP reporting based on the nature of exclusions made to calculate non-GAAP earnings. Lastly, non-GAAP reporting helps treated firms rely less on bank loans and more on public bonds for external financing. Our evidence suggests that bank stress testing affects borrowing firms’ disclosure practices.
Speaker
Charles Hsu is a Chair Professor at the Department of Accounting, School of Business and Management, Hong Kong University of Science and Technology. He obtained his PhD in accounting from Purdue University. Prof. Hsu’s research interests include corporate disclosure, financial analysts, corporate governance, and capital markets. He has published articles in leading accounting and finance journals such as Journal of Accounting and Economics, Journal of Accounting Research, The Accounting Review, Journal of Finance, Contemporary Accounting Research, Review of Accounting Studies, and Journal of Financial and Quantitative Analysis. Prof. Hsu has served as editorial board member of The Accounting Review, European Accounting Review, and China Journal of Accounting Research.
CV_Chair Prof. Charles Hsu