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东财•会计与财务论坛:岳衡
2021年10月25日

报告题目:The Politics of Bank Opacity

报告人:岳衡

报告时间:2021年10月26日(周二)9:30

报告地点:劝学楼245

主办单位:东北财经大学会计学院

【报告摘要】

The distribution of power in the political system shapes the financial reporting opacity of banks. Specifically, banks located in states with senators on the Senate Banking Committee (BC senators) have greater abnormal loan loss provisions than banks in other states. The result is stronger for larger banks and banks with higher risk. In addition, BC senators have a negative effect on the likelihood of banks in their home states receiving enforcement actions, and, more importantly, this effect is stronger for more opaque banks. These findings suggest that politicians, regulators, and banks use opaque financial reporting to facilitate regulatory forbearance. Moreover, we show that opacity is a significant channel through which BC senators increase bank risk. During economic downturns, however, BC senators appear to promote bank opacity to encourage bank lending and create liquidity. Finally, the capital market does not penalize the reporting opacity of banks in states with BC senators.

【报告人简介】

岳衡,新加坡管理大学会计学院副教授(tenured),MCFO项目主任,中国财政部全国会计领军人才。毕业于美国杜兰大学(Tulane University),曾任北京大学光华管理学院教授,博士生导师,会计系主任。在Journal of Financial Economics、Accounting Review、Contemporary Accounting Research、Review of Accounting Studies、Journal of International Business Studies、Journal of Banking and Finance、Journal of Corporate Finance、《管理世界》、《会计研究》等国际和国内权威学术刊物发表论文30余篇,获国家自然科学基金优秀青年基金,主持和参与多项国家自然科学基金项目。研究领域主要在中国资本市场、公司治理、盈余预测、企业投融资研究等。