“西交财会前沿论坛”2017年第8期

报告人：Paul A. Griffin

讲座时间：2017年5月31日(周三)下午15:00-17:00

地点：管院313会议室

欢迎各位老师和同学光临

Paul A. Griffin简历：

Paul A. Griffin是University of California-Davis大学商学院副经理、会计学资深教授，已经在The Accounting Review, Journal ofAccounting Research, Journal ofAccounting and Economics, Journal of Finance ContemporaryAccounting Research等顶级学术期刊上发表论文十几篇。

讲座的内容摘要如下：

This study tests the hypothesis thatanalyst information processing costs vary positively in thelevel of firms’environmental performance ratings. Based on proxies for analyst informationprocessingcosts (e.g., the number of stocks followed, frequency and timelinessof earnings revisions, the accuracy ofearnings forecasts), we find results tosupport this hypothesis. These findings deepen our knowledge oftheinformational setting that conditions analysts’ decisions by identifying thecost of processingenvironmental information as a potential determinant of thestocks analysts include in their portfolios. Wereport two additional findings:the “shock” of the Global Warming Solution Act of 2006 implementedforCalifornia firms beginning in 2012 increases analyst information processingcosts incremental to the maineffect of environmental performance ratings; andmutual fund managers appear to charge the additionalprocessing costs toinvestors as higher management fees.