主讲人：曹夏平副教授

讲座时间：2018年10月18日（周四）14：30-16：30

讲座地点：yh86银河国际南校区院系办公楼401（yh86银河国际会议室）

题目：Regulatory Demand and Earnings Management in IPOs

主办单位：yh86银河国际yh86银河国际

          广州华南财富管理中心研究基地

中国家庭金融与资产管理研究中心

国家社科基金重大项目“新常态下建立多点支撑的消费增长格局研究”课题组

主讲人简介：

曹夏平，副教授，博士生导师，美国波士顿学院金融学博士毕业，曾任职于新加坡管理大学，现为中山大学岭南学院院长助理，博士生项目主任、岭南学院量化金融中心主任。曹老师研究方向为公司金融，私募股权基金，风险投资，创业研究，金融机构研究等，已在 Journal of Financial Economics、Journal of Financial and Quantitative Analysis、Management Science 、Journal of Corporate Finance、Journal of Banking and Finance 等经济金融领域权威期刊发表论文10余篇。

报告内容:

We use a quasi-natural experiment to show that earnings management depends on regulatory demand in a transitional economy. China Securities Regulation Commission (CSRC) first time strengthened the scrutiny on information disclosed by IPO firms in December 2012. Prior to the enforcement, aggressive earnings management in IPOs is attributed to lax regulatory demand. Following the elevated regulatory scrutiny, earnings management of issuers shows a pronounced decline on IPO year. The extent of the success in the regulatory scrutiny depends on incentives of insiders to comply, e.g., ownership structure and cost of IPO failure. On the other hand, the response of third party gatekeepers to the regulatory demand suggests great conflict of interest among low reputable auditors.