题目：The consistency of intraday timing of corporate disclosure releases

主讲人：Jennifer Wu Tucker（University of Florida）

时间：2017年6月7日（星期三）14:30

地点：主楼241会议室

主讲人简介：

    Jennifer Wu Tucker先后毕业于University of Illinois at Urbana-Champaign ,New York University, 获会计学硕士和博士学位。目前就职于State University of New York at Stony Brook。他有多篇成果发表于国际权威期刊The Accounting Review ，Contemporary Accounting Research, Review of Accounting Studies, Accounting, Organizations and Society和 Journal of Accounting Research。担任多家著名期刊审搞人与编辑，并获多种奖励。

内容简介：

    Firms may release their disclosure, including regulatory filings, in four intraday windows: before the market open, during the market open, after the market close, and overnight. We examine the consistency (or lack of consistency) of firms’ using an intraday window to release common types of disclosure. We find that firms with high operating risks, poor earnings performance, and auditor changes deviate more often from existing intraday timing patterns than do other firms and that firms with more analyst coverage deviate less from existing timing patterns. These findings could be interpreted as managers using their discretion to allow investors to better process a disclosure before trading (“efficient motive”) or to hide the news (“opportunistic motive”). To understand which motive dominates, we examine the association of intraday timing deviations with another setting in which managers use their discretion—earnings reporting. We find that firms that deviate more often from existing intraday timing patterns manipulate earnings to a larger degree. This result suggests that intraday timing deviations are, on average, opportunistic. Our study advances the understanding of how managers use their discretion in financial reporting and disclosure.

（承办：会计系，科研与学术交流中心）