题目：A Real Effect Across Time: Disclosure Quality, Cost of Capital, and Profitability
主讲人：Cynthia Cai （麦考瑞大学高级讲师）
时间：2021年12月30日下午15:00-
会议直播：腾讯会议（ID：454-860-859）
会议链接：https://meeting.tencent.com/l/4aWo0TSNdONj
报告摘要：
In the presence of ‘real effects’ of disclosure in a production economy, this research investigates the link between disclosure and cost of capital relating to different time periods via stylized models: namely the post-disclosure cost of capital (the cost of capital subsequent to disclosure), the pre-disclosure cost of capital (the cost of capital for the period leading up to disclosure), and the overall cost of capital (the cost of capital across both periods). We demonstrate that, first, in contrast to findings in a pure-exchange economy, in a production-based economy where disclosure affects firms’ investment decisions, both the overall cost of capital and the investors’ ex-ante welfare can be affected by disclosure quality. As disclosure quality improves, the post-disclosure cost of capital may either increase or decrease, as may the pre-disclosure cost of capital. The change in the post-disclosure cost of capital is not fully offset by the change in the pre-disclosure cost of capital, and therefore the overall cost of capital can either increase or decrease. Second, a firm’s profitability of existing and new production are critical factors in determining whether cost of capital increases or decreases with disclosure quality. We characterize conditions under which higher disclosure quality increases or decreases the disclosing firm’s cost of capital over different time periods. Third, when disclosure affects interrelated firms’ production decisions, the disclosing firm’s overall cost of capital changes with disclosure quality, even when the marginal (unconditional) distribution of the disclosing firm’s cash flow is not affected by the disclosure.
主讲人简介：
Cynthia Cai，会计学博士，澳大利亚注册会计师，现任澳大利亚麦考瑞大学高级讲师、商学院财务决策实验室主任。从事会计和金融研究长达12年，在金融科技领域的研究成果吸引了众多学者、行业和媒体的关注。拥有两项Top期刊最佳论文奖，在区块链和行为金融方面的成果分别位列2019年Wiley Online Library文章下载量的第一名和第二名。2020年以来，Cynthia博士获批两项核心金融科技项目。主要研究方向为FinTech(机器学习算法/区块链)、金融创新、资本市场、建模分析、会计论、财务报表分析和行为金融。
