第50回CARFセミナー：Enforcement and the legal cost of voluntary disclosure

(本イベントは、東大の教職員と学生のみを対象としたものです
This event is open only to University of Tokyo students, faculty and staff.)

Title

Enforcement and the legal cost of voluntary disclosure

Abstract

We examine the effect of enhanced regulatory enforcement on firm voluntary disclosure decisions. We use China’s anti-corruption campaign to identify firms subject to enhanced regulatory enforcement and scrutiny. The results show that firms more affected by the campaign exhibit a sharp and large decrease in their voluntary disclosures of major customer identities following the campaign. The results are stronger for firms which are politically connected and for firms in provinces where corruption was more pervasive prior to the reform. The results highlight an important role of heightened enforcement and scrutiny in shaping firms’ disclosure decisions, and that increased scrutiny can lead to less transparency by firms.

Authors

Cyrus Aghamolla and Haibing Shu

開催日時

2023年6月28日（水）15:00～17:00

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

講演者

Cyrus Aghamolla
（Associate Professor (with tenure), University of Minnesota, Carlson School of Management）
https://sites.google.com/site/cyrusaghamolla/

Publications

Strategic complexity in disclosure (with Kevin Smith). Journal of Accounting and Economics, forthcoming.

Managerial myopia, earnings guidance, and investment (with Tadashi Hashimoto). 2023. Contemporary Accounting Research, 40 (1), 166-195.

Do mandatory disclosure requirements for private firms increase the propensity of going public? (with Richard Thakor), 2022. Journal of Accounting Research, 60 (3), 755-804.

IPO peer effects (with Richard Thakor). 2022. Journal of Financial Economics, 144 (1), 206-226.

Aggressive boards and CEO turnover (with Tadashi Hashimoto). 2021. Journal of Accounting Research, 59 (2), 437-486.

No reliance on guidance: Counter-signaling in management forecasts (with Carlos Corona and Ronghuo Zheng). 2021. RAND Journal of Economics, 52 (1), 207-245.

Strategic timing of IPOs and disclosure: A dynamic model of multiple firms (with Ilan Guttman). 2021. The Accounting Review, 97 (3), 27-57.

Voluntary disclosure with evolving news (with Byeong-Je An). 2021. Journal of Financial Economics, 140 (1), 21-53.

Information arrival, delay, and clustering in financial markets with dynamic freeriding (with Tadashi Hashimoto). 2020. Journal of Financial Economics, 138 (1), 27-52.

Debt contract enforcement and conservatism: Evidence from a natural experiment (with Nan Li). 2018. Journal of Accounting Research, 56 (5), 1383-1416.