主讲人：刘悦（清华大学五道口金融学院助理教授）

主持老师：（经济学院）王熙

参与老师：（经济学院）王一鸣、刘蕴霆

         （国家发展研究院）沈艳、黄卓、孙振庭、张俊妮

（新结构经济学研究院）胡博

题目：Watching from the Sky: Business Observability and Voluntary Disclosure（从天而降：企业可观察性与自愿披露？）

时间：2021年3月19日（周五）    09：30-11：30

（线上）形式：会议链接：https://meeting.tencent.com/s/grcGWMn389hF

会议号：978 925 960

会议密码：210319

手机一键拨号入会

+8675536550000,,978925960# (中国大陆)

+85230018898,,,2,978925960# (中国香港)

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+8675536550000 (中国大陆)

+85230018898 (中国香港)

主讲人简介：

刘悦：清华大学五道口金融学院助理教授，香港科技大学金融学博士，本科毕业于香港大学。

报告摘要：

Exploiting the staggered releases of satellite imagery data on parking-lot traffic across U.S. retailers, we study how improved business observability due to the availability of big data affects corporate voluntary disclosure. We find that following satellite data release, firms are less likely to issue management forecasts, especially good news forecasts. The reduction in management forecasts is more pronounced in firms with higher litigation risk and higher operating uncertainty. The fewer forecasts are not substituted by other forms of voluntary disclosure, such as more precise forecasts or more 8-K filings. Furthermore, we find that while voluntary 8-K filings decrease significantly, mandatory 8-K filings do not change.

供稿单位：经济学院

  供稿人：王熙、胡丹丹