演讲人：P. Eric Yeung（康奈尔大学 教授）

时间：2025 年12月29日（周一）12:00-13:00

地点：同济大厦A楼505室

同步#腾讯会议：163355781

会议密码：905765

链接：https://meeting.tencent.com/dm/iYIs7r4Mc3vF

摘要：I/B/E/S 数据显示，美国上市公司中发布每股收益（EPS）指引的企业比例在 Reg FD 实施后的时期显著下降，从 2002 年的 53% 降至 2023 年的 26%。我们表明，这一下降主要由“新上市效应”所驱动（例如，每一个五年期的新上市公司队列中，发布 EPS 指引的企业比例均低于其前一队列）。具体而言，自 2000 年以来五个新上市公司队列中，EPS 指引发布者的比例分别为 41%、32%、25%、14% 和 6%。进一步分析发现，新上市公司中“无形资产型企业”的占比不断上升，这类企业的投资回报更为遥远（即无形资产投资具有更高的右偏分布）。路径分析结果表明，新上市公司无形资产投资分布的偏度能够解释 EPS 指引逐渐消失的现象。

Abstract: The proportion of US firms in I/B/E/S that issue EPS guidance falls sharply during the post-Reg FD period from 53% in 2002 to 26% in 2023. We show that this decline is driven by“new listings effects” (e.g. each five-year cohort of newly listed firms has fewer EPS guiders than its predecessor): The proportions of EPS guiders in the five cohorts of new listings since 2000 are 41%, 32%, 25%, 14% and 6%, respectively. We find that new listings are progressively more represented by “intangibles firms”with more distant payoffs (i.e., high right-skewness in intangibles investments). Path analysis shows that the distributional skewness in intangibles investments of new listings explains the disappearing EPS guidance.

个人简介：Eric Yeung is professor of accounting at the Samuel Curtis Johnson Graduate School of Management, Cornell University. Yeung’s research examines the relation between accounting information and economic fundamentals, as well as the economic and behavioral factors that influence 1) how market participants use accounting information and 2) how managers provide accounting information. His research has been published in leading accounting and finance journals, including The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Review of Financial Studies, Strategic Management Journal, Management Science, Review of Accounting Studies, Contemporary Accounting Research, Journal of Financial and Quantitative Analysis, and Review of Finance. Yeung received his professional accountancy degree from the Chinese University of Hong Kong and PhD degree from University of Oregon

X