主 题：Readability of 10-K Reports and Stock Price Crash Risk

主讲人：Francis Kim

时 间：2017年01月3日下午1点

地 点：松江校区图书馆第三会议室

Abstract：This study shows that less readable 10-K reports are associated with higher stock price crash risk. The results are consistent with the argument that managers can successfully hide adverse information by writing complex financial reports, which leads to stock price crashes when the hidden bad news accumulates and reaches some tipping point 91影视看片免费. Additional analyses show that the effect of financial reporting complexity on crash risk is more pronounced for firms with persistent negative earnings news or with transitory positive earnings news, for firms with greater CEO stock option incentive, and for firms with lower litigation risk 91无套直看片红桃. Finally, it appears that accrual manipulation is positively related to crash risk even in the post-Sarbanes–Oxley Act era if the manipulation is accompanied by complex 10-K reports.

主讲人简介：FRANCIS KIM 91成人看片 91无套直看片红桃，纽约州立大学-石溪分校，会计系主任，常任轨副教授，已在Journal of Finance，Journal of Financial Economics，Journal of Financial and Quantitative Analysis，Contemporary Accounting Research，Auditing: A Journal of Practice & Theory等财务和会计领域的Top Journal发表多篇论文。

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