Speaker: Dr Amir Amel-Zadeh (Saïd Business School, University of Oxford)
Hosted by: University of Liverpool Management School's Accounting and Finance Group
Open to: Management School PhD students and academic staff, with no sign up needed
Date: Wednesday 6 March 2024
Time: 3-4.30pm
Place: Management School - Seminar Room 5
Abstract
This study investigates whether and how voluntary disclosure affects the earnings announcement premium (EAP).
Using S&P500 index additions as an exogenous source of variation in voluntary disclosures, we test the effect of guidance on information risk and investor attention as drivers of the EAP.
We document a significantly positive (negative) effect of raised (lowered) guidance on the EAP reconciling attention-based and risk-based explanations.
Disentangling direct and mediated effects, we find a positive direct effect of raised guidance on the EAP (attention channel) and a weaker countervailing negative indirect effect of raised guidance on idiosyncratic risk (risk channel).
Lowered guidance has an unambiguously negative direct and indirect effect. Using high-frequency data we further confirm the effect of voluntary disclosure on both sources of the earnings announcement premium.
Co-authored by Dr. Amir Amel-Zadeh and Qirong Song.
Keywords
Voluntary disclosure, mandatory disclosure, earnings announcement premium, S&P500 additions, structural equation model.
Speaker
Amir's research examines the effects of companies’ financial and non-financial information disclosures on capital markets and the mediating role of accounting standards and information intermediaries.
Amir’s research has been published in leading academic and practitioner journals such as Journal of Accounting and Economics, The Accounting Review, Review of Accounting Studies, and Financial Analyst Journal.
His work has been cited by the business press such as the Financial Times and the Guardian as well as in a variety of policy documents by the EU, Bank of International Settlements, IMF, World Economic Forum and by accounting standard setters.
Amir has been invited to present his research at conferences and business schools across the globe and held visiting positions at Harvard Business School, at New York University Stern School of Business, at Columbia Business School, and at the University of Bologna. Prior to joining Oxford Saïd, Amir was at Judge Business School, University of Cambridge.
He teaches on the MBA and Executive MBA as well as on executive programmes for legal and financial services professionals. He has taught or consulted for the financial services industry in the US, Europe, Asia and the Middle East.
He currently serves as Associate Editor for the Special Issue on Business and Climate Change at Management Science and is on the Editorial Board of Accounting and Business Research. He received his PhD from the University of Cambridge.
He has co-authored and co-edited the book Accounting for M&A: Uses and Abuses of Accounting in Monitoring and Promoting Merger published by Routledge in 2020
Alongside his role at Saïd Business School, Amir is an associate member of the Oxford-Man Institute of Quantitative Finance and Research Fellow at Green Templeton College, Oxford.
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