題目：Readability of 10-K reports and stock price crash risk
主講人：Chansog (Francis) Kim（State University of New York at Stony Brook）
時(shí)間：2017年6月7日（星期三）下午16點(diǎn)
地點(diǎn)：主樓241會(huì)議室
主講人簡(jiǎn)介：
Chansog (Francis) Kim先后畢業(yè)于Western Illinois University ,Baruch College of City University of New York, 獲會(huì)計(jì)學(xué)碩士和博士學(xué)位。目前就職于State University of New York at Stony Brook。他有多篇成果發(fā)表于國(guó)際權(quán)威期刊Journal of Finance ，Journal of Financial and Quantitative Analysis和 Contemporary Accounting Research Accounting。擔(dān)任多家著名期刊審搞人與編輯，并獲各種獎(jiǎng)勵(lì)。
內(nèi)容簡(jiǎn)介：
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. 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. 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.
（主辦：會(huì)計(jì)系，科研與學(xué)術(shù)交流中心）
