Facebook posting activity and the selective amplification of earnings disclosures

This study examines the determinants of Facebook activity levels with a particular focus on Facebook activity around earnings announcements. Facebook activity is generally higher for firms with higher levels of analyst following, individual ownership, and trading volume, indicating that it is responsive to investor demand effects. Facebook activity also increases around earnings announcements, with the increase being largely attributable to posts containing earnings news. In general, therefore, firms use Facebook posts to amplify earnings news. Such activity is selective, however; it is lower for firms with high levels of information asymmetry, for firms reporting earnings that exactly meet the consensus analyst forecast amount, and when the earnings news is negative but the accompanying price movement is positive. Hence, firms appear to use Facebook to manage the level of attention paid to earnings news.     

大数据时代线领财务报告变革

财务报告的改进离不开信息技术的发展,可扩展商业报告语言（XBRL）推动了财务报告在互联网时代的发展,而大数据时代的技术变革和思维变革将再次引领财务报告新的突破,在财务报告模式的重构、信息披露制度的改进、网络财务报告方面产生重要的影响。     

我国运输行业上市公司企业社会责任信息披露情况研究

以我国A股上市交易的运输行业上市公司作为研究对象,运用描述性分析和多元线性回归方法对运输行业上市公司企业社会责任信息披露情况进行研究.研究结果表明:2008年我国运输行业上市公司社会责任信息披露比例较以前年度有显著提高,尤其是采用独立报告模式披露社会责任信息的企业数量显著增加;在企业社会责任信息披露的内容和方式上,节能减排等环境方面的信息披露比例有显著提高,但是在安全生产及债权人等方面的信息披露还有待加强;在公司特征方面,公司规模越大、盈利能力越强的上市公司越倾向于披露更多的企业社会责任信息,而且从地域分布上看,沪、深两地区企业的信息披露状况未显著好于其他地区的企业.     

公司治理文化与会计信息披露互动：理论与案例

公司治理制度遵从民主决策和监督原则,公司治理文化的精髓是责任和诚信;会计信息披露是代理人与外部利益相关者沟通的制度安排,客观公正是会计信息披露的价值取向,公司治理文化与会计信息披露之间存在互动关系。公司治理文化模式取决于企业权力配置格局和治理主体的诚信。案例研究表明,公司治理文化对会计信息披露发挥了主导作用;会计信息披露不仅反映公司治理的结果,体现公司治理文化特征,而且还反作用于公司治理。     

Goodwill and Mandatory Disclosure Compliance: A Critical Review of the Literature

The aim of this paper is to critically analyse the literature published from 2002 to mid‐2015 on disclosures of goodwill and their respective impairment tests; identify the main contributions of the literature, as well as its limitations; and suggest new approaches for future research. We also present a summary of the main determinants of disclosures on goodwill in the literature as well as the still scarce studies’ conclusions of those disclosures in the market. After a review of the literature, we discuss the need to reinforce enforcement mechanisms, so as to improve the level of compliance of disclosures on goodwill and their impairment tests. The majority of the analysed literature reveals that the information disclosed about goodwill is incomplete and largely heterogeneous, indicating a reduced level of compliance with the disclosures required by accounting standards. The paper may support the development of future empirical studies about goodwill's disclosures, which will bridge the identified gaps in the literature.     

An International Perspective of Online Disclosure Presentation: A Comparison of Banner Ad Disclosures from United States, United Kingdom, and Singapore Web Sites

Effective online disclosure presentation is an important feature in banner advertising worldwide. The U.S. Federal Trade Commission (FTC) is viewed as the leader in providing guidance for making disclosures clear and conspicuous. This study examines the extent to which banner ads in the top 100 web sites in three countries with a shared language and intertwining legal and self-regulatory systems—the United States, United Kingdom, and Singapore—adhere to FTC guidance. The lack of systematic differences across countries suggests the need for disclosure research from a global perspective that takes cultural and linguistic differences into account.     

年报风险披露与权益资本成本

本文从权益资本成本视角探究了中国上市公司年报风险披露的价值相关性及信息性质。基于2007-2014年A股上市公司的研究发现:(1)年报风险披露长度及其变化值越大,公司权益资本成本及其变化值越小,说明披露的风险越多,市场给予的信任越多,因而要求的风险溢价越小,从而支持了风险披露的同质观;(2)风险披露与权益资本成本的负相关关系主要体现在信息环境差、显性风险较小的公司;(3)投资者对增加披露风险信息具有正向市场反应,且投资者异质信念降低,表明风险信息异质性较弱,而信息不对称是风险披露影响权益资本成本的不完全中介;(4)风险披露变化值越大,公司股权再融资的可能性越大、折价率越低,债券利差越小。本文首次检验了我国年报风险披露对权益资本成本的影响,得到与国外文献不一致的结论,丰富了信息披露与资本成本关系相关的文献。     

年报风险信息披露与银行贷款利率

既有文献较少从银行视角关注年报风险信息披露的经济后果。银行更有能力解读年度风险信息,银行利益也更直接受到年报风险信息的影响,银行贷款利率更能体现年报风险信息披露的经济后果。本文基于2008-2017年单笔银行贷款利率数据的研究发现:总体上我国年报风险信息披露降低了银行贷款利率,说明我国年报风险信息披露更符合趋同观假说。中介效应检验发现:我国年报风险信息披露通过提高信息透明度,降低银行风险感知水平进而降低了银行贷款利率,即信息质量和风险是我国年报风险信息披露影响银行贷款利率的不完全中介。进一步分析发现:我国年报风险信息披露与银行贷款利率的负相关关系主要体现在货币政策紧缩组、非国有企业组以及公司治理水平较高组。本文首次研究银行贷款利率与年报风险信息披露的关系,有助于丰富风险信息披露文献和银行贷款文献。     

Analysts’ Use of Nonfinancial Information Disclosures*

In this study I examine how analysts process nonfinancial information and how this is affected by the patterns of firms’ nonfinancial information disclosures. More specifically, I examine the association between analyst earnings forecast errors and the persistence of nonfinancial disclosures, both across information content and over time. The study focuses on firms in the wireless industry for the period 1997–2007. The results show that analysts tend to underreact to the information contained in customer acquisition cost, average revenue per user, and the number of subscribers. These are the performance measures that have significant predictive ability for future earnings of wireless firms. Distinguishing between firms on the basis of their nonfinancial disclosure patterns reveals that the above findings are driven primarily by firms with irregular disclosures. There is no evidence of analysts’ inefficiency in evaluating the content of nonfinancial metrics provided by persistently disclosing firms. This implies that the lack of systematic disclosures of performance measures restricts financial analysts’ ability to fully analyze the contributions of these metrics for future earnings.     

Asymmetric Post-Announcement Drift to Good and Bad News: Evidence from Voluntary Trading Disclosures in the Chinese Stock Market

This article investigates the post-announcement drift (PAD) of stock returns in the Chinese stock market. We use a sample of voluntary trading disclosures to test the hypothesis that an asymmetric PAD exists in a market in which managers are more likely to suppress negative news. We show that a pattern of short-term momentum and long-term reversal in returns persists for up to 250 trading days following the announcement of trading statements in the Chinese stock market. This finding is stronger for positive announcements in terms of the magnitude and the variance of stock returns. Our findings are in line with both Shin’s theoretical predictions and the credibility hypothesis, in which disclosure and asset returns are jointly determined and the adoption of a “sanitisation strategy” in information disclosure generates more volatile returns for firms issuing good news. Further, we show that the latter effect is more pronounced for firms which are partially state-owned, suggesting that they potentially receive more government support, a finding which is in line with the hypothesis that the incentive to suppress negative information is related to a country’s legal/judicial system.