喻园管理论坛2023年第89期(总第912期)

演讲主题: Board-CEO Trust and Corporate Bad-news Hiding

主 讲 人: 龚昭然，西交利物浦大学金融学院助理教授

主 持 人: 钟宇翔，会计与财税系讲师

活动时间: 2023年11月8日（周三）10:00-12:00

活动地点: 管理大楼121室

主讲人简介：

龚昭然博士现任西交利物浦大学金融学院助理教授。他于2019年于香港理工大学获得博士学位。在加入西交利物浦大学之前，他任教于岭南大学（香港）。他的研究方向包括公司并购，董事会结构，公司治理，公司披露和国际市场。他的研究论文曾入选包括美国金融协会年会（AFA）和欧洲金融协会年会（EFA）在内的国际顶级学术会议，并发表于国际权威期刊，包括Journal of Financial and Quantitative Analysis、Journal of Corporate Finance、Journal of Business Finance & Accounting和 Journal of International Financial Markets, Institutions and Money。同时担任多个国际期刊的评审。

活动简介：

We investigate how the trust of board members placed in CEO affects the bad-news hiding behaviors in corporations. While social trust is often associated with improved economic outcomes, we demonstrate that trust, if misplaced, can be too much of a good thing. Our results suggest that firms with high board-CEO trust is associated with higher future stock price crash risk. Our results are robust to various sensitivity tests. Further analysis suggest that board-CEO trust is associated with both more bad-news withholding, captured by market reaction to managerial earnings guidance, and more information fabrication, captured by future restatement.