主题：The Walk-down to Beatable Forecasts: International Evidence

　　时间：2017年12月15日(周五)下午2:00-4:00

　　地点：B129

　　主讲人：Hongping Tan

　　主讲人单位：Associate Professor of Accounting, McGill University

　　主办单位：2023新澳网官方网站经管学院会计系、MPAcc中心和财务会计研究所

　　讲座摘要：

　　We use the framework developed in Richardson et al. (2004) to identify country, firm and analyst characteristics that we expect to be associated with the prevalence of the analyst walk-down forecast pattern. Based on a large sample of 50,649 analysts covering 33,645 firms from 46 countries during 1992-2014, we find that the walk-down pattern positively correlates with country characteristics related to insider trading restrictions and equity sales. It also positively relates to the stock market reward for beating analyst forecasts, firm-level characteristics underlying management concerns with share prices after earnings announcements, and analysts’ incentives to cooperate with management. The effects of these factors on the walk-down pattern are more pronounced in countries with better media-coverage institutions. Overall, these findings suggest that capital market incentives affecting the communication between managers and analysts and the resulting analyst forecast bias involves various forces including a country’s institutional infrastructure, and firm and analyst characteristics.

　　主讲人简介：

　　谭红平(Hongping Tan)博士，现任加拿大麦吉尔大学(McGill University)会计和金融学副教授、博士生导师。加拿大皇后大学(Queen’s University)金融学博士，2023新澳网官方网站经济学硕士。曾先后任职于加拿大约克大学商学院(York University)，加拿大滑铁卢大学会计与金融学院(University of Waterloo)，美国纽约州立大学布法罗校区(SUNY at Buffalo)，加拿大北BC省大学商学院(University of Northern British Columbia)。主要研究信息披露、分析师预测、国际资本市场等问题，学术论文发表于国际顶级金融学与会计学期刊，包括Journal of Financial Economics (JFE), The Accounting Review (TAR), Journal of Accounting and Economics (JAE), Journal of Accounting Research (JAR)。现任《当代会计研究》(Contemporary Accounting Research, top-tier accounting journal, FT45 journal lists)编委会成员(Editorial Board, 2017-2020)，《亚太金融研究》(Asia-Pacific Journal of Financial Studies)副主编(Associate Editor, 2017年至今)。

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