讲座：Enforcement and the legal cost of voluntary disclosure 发布时间：2023-05-03
题 目：Enforcement and the legal cost of voluntary disclosure
嘉 宾：Cyrus Aghamolla, Associate Professor, University of Minnesota
主持人：张珂源 助理教授 上海交通大学安泰经济与管理学院
地 点：上海交通大学 徐汇校区安泰楼A511室
We examine the effect of enhanced regulatory enforcement on firm voluntary disclosure decisions. We use China's anti-corruption campaign to identify firms subject to enhanced regulatory enforcement and scrutiny. The results show that firms more affected by the campaign exhibit a sharp and large decrease in their voluntary disclosures of major customer identities following the campaign. The results are stronger for firms which are politically connected and for firms in provinces where corruption was more pervasive prior to the reform. The results highlight an important role of heightened enforcement and scrutiny in shaping firms' disclosure decisions, and that increased scrutiny can lead to less transparency by firms.
Cyrus Aghamolla is Associate Professor of Accounting at the Carlson School of Management at the University of Minnesota. His research interests focus on disclosure, financial reporting, social learning, IPOs, reputation formation, enforcement, with a particular emphasis on learning among capital market participants. Since graduating from Columbia University in 2016, he has published both empirical and theoretical work in the Journal of Accounting Research, The Accounting Review, Contemporary Accounting Research, RAND Journal of Economics, and the Journal of Financial Economics.