“紫金会计领军讲堂”

阅读: 10

时间:2018121714:00-15:30

地点:网投信誉平台-首页303教室

主讲人简介:石桂峰,上海交通大学安泰经济与管理学院会计系副教授、博士生导师,上海交通大学管理学博士、美国宾夕法尼亚大学沃顿商学院与MIT访问学者,入选财政部全国会计领军(后备)人才(学术类)。主要研究方向为盈余管理、信息披露、债务融资与公司治理,先后在《Journal of Business Finance and Accounting》、《Journal of Accounting and Public Policy》、《Journal of Business Ethics》、《The Banking Law Journal》以及《审计研究》、《财经研究》等国内外重要期刊上发表论文数十篇。主持国家自然科学基金、教育部人文社会科学规划基金以及上海市浦江人才计划项目等,曾荣获上海交通大学优秀青年教师后备人才二等奖、上海交通大学“烛光奖”二等奖、安泰经济与管理学院最受本科生欢迎的教师奖等多项奖励。

Ambiguity of Tone in Annual Reports and Bank Risk Taking

Abstract

In this paper, we construct a measure of the ambiguity of tone from textual analysis of banks’ 10-K filings to examine whether such ambiguity is associated with banks’ risk-taking behavior. We find that banks that use a more ambiguous tone in 10-K filings exhibit higher risk taking, consistent with the argument that an ambiguous tone adds to the opacity of financial statements, which potentially masks managerial risk-taking activities and curbs market discipline from external stakeholders. Furthermore, banks with a more ambiguous tone are associated with more aggressive investment decisions and higher earnings management through loan loss provisions.

JEL classification: G2; G21; M14

Keywords: Bank risk taking; Ambiguous tone; Textual analysis; Aggressive investment

decisions; Earnings management



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