姚立 | Textual Disclosure Quality and GDP Growth in Home Countries: Evidence from 20-F Filings

地点：中北校区理科大楼A1716室

主题：Textual Disclosure Quality and GDP Growth in Home Countries: Evidence from 20-F Filings

摘要：

Using proxies for textual disclosure quality for Form 20-F filings by firms from 28 countries cross-listed in the U.S., we find that the aggregate textual disclosure quality predicts the home country’s GDP growth for up to three years even after controlling for the aggregate earnings growth. The predictability of aggregate textual disclosure quality is more pronounced in home countries with weak institutions. Additional analyses suggest that textual disclosure quality enhances the role of earnings growth and investment as leading indicators for GDP growth. Our findings suggest that the textual disclosure quality of firms from a given country in aggregate reflects the prospects of its macro economy.

报告人简介：

姚立，加拿大康考迪亚大学(Concordia University)商学院会计学副教授。毕业于美国普渡大学(Purdue University)获管理学博士学位、华东师范大学获经济学学士学位。其主要研究方向为会计学、金融学，研究课题包括资产定价的实证研究、财务信息披露等等。其论文曾发表于《Journal of Accounting, Auditing & Finance》《Journal of Corporate Finance》等国际知名期刊，现任《Asian Review of Accounting》等SSCI期刊主编。