题目：Readability of 10-K reports and stock price crash risk

主讲人：Chansog (Francis) Kim（State University of New York at Stony Brook）

时间：2017年6月7日（星期三）下午16点

地点：主楼241会议室

主讲人简介：

   Chansog (Francis) Kim先后毕业于Western Illinois University ,Baruch College of City University of New York, 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Journal of Finance ，Journal of Financial and Quantitative Analysis和 Contemporary Accounting Research Accounting。担任多家著名期刊审搞人与编辑，并获各种奖励。

内容简介：

   This study shows that less readable 10-K reports are associated with higher stock price crash risk. The results are consistent with the argument that managers can successfully hide adverse information by writing complex financial reports, which leads to stock price crashes when the hidden bad news accumulates and reaches some tipping point. Additional analyses show that the effect of financial reporting complexity on crash risk is more pronounced for firms with persistent negative earnings news or with transitory positive earnings news, for firms with greater CEO stock option incentive, and for firms with lower litigation risk. Finally, it appears that accrual manipulation is positively related to crash risk even in the post-Sarbanes–Oxley Act era if the manipulation is accompanied by complex 10-K reports.

（主办：会计系，科研与学术交流中心）