SPEAKER：P. Eric Yeung（康奈尔大学 教授）

TIME/DATE：2025.12.29  12:00-13:00

CLASSROOM：A505

TENCENT：163355781

PW：905765

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

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.

GUEST BIO：

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