讲座：Watching from the Sky: Business Observability and Voluntary Disclosure
题 目：Watching from the Sky: Business Observability and Voluntary Disclosure
嘉 宾：Shujing Wang, Associate Professor, Tongji University
主持人：许文健 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A303室
Exploiting the staggered releases of satellite imagery data on parking-lot traffic across U.S. retail firms, we study how improved business observability due to the availability of big data changes corporate voluntary disclosures. We find that following satellite data release, firms are less likely to issue management forecasts, especially good news forecasts. The reduction in management forecasts is more pronounced in firms with higher litigation risk and higher operating uncertainty. The fewer forecasts are not substituted by other forms of voluntary disclosures, such as more precise forecasts or more 8-K filings. Furthermore, we show that while voluntary 8-K filings significantly decrease, mandatory 8-K filings do not change.
Shujing Wang is currently an Associate Professor in Finance at School of Economics and Management, Tongji University. She received her bachelor’s degree from Peking University and PhD degree from University of Rochester in Physical Chemistry. She then received a PhD degree in Finance from Hong Kong University of Science and Technology. Her main research interests are theoretical and empirical asset pricing, ranging from equity, bond, options, and credit derivatives in western financial markets to asset valuation in Chinese markets. She also works on several corporate finance topics, including structural modelling of corporate investment and financing policies, corporate liquidity management under uncertainty, and the information content of payout policies for credit risk. Her research is published in top finance journals including Management Science, Journal of Banking and Finance, Journal of Empirical Finance et al.