科学研究
报告题目：Scapegoating: Uncontrollable Factors Disclosure and Disposition Effect
报告人：谢远
报告时间：2025年3月26日（周三）10:00-11:30
报告地点：劝学楼245
主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
Based on attribution theory, we predict that the disposition effect—the tendency to sell winners but hold onto losers—is weaker when investors can attribute their losses to forces beyond their control. Using the setting of uncontrollable factors disclosure (UFD) in earnings conference calls, we find results consistent with this prediction. When firms with paper losses disclose more uncontrollable factors, the long-run price drift following the earnings call is reduced. This result is due to greater sales than purchases by retail investors in the short window immediately after the earnings call. Additional analyses using StockTwits data support these conclusions. Our findings are robust when using natural disasters as an instrument for related UFD, through two falsification tests, and across a range of sensitivity analyses. This study underscores the importance of firm disclosures in counteracting investors’ cognitive bias and enhancing price efficiency.
【报告人简介】
谢远，美国福特汉姆大学教授、James Roosevelt Bayley杰出教授，并担任会计学系主任。他的研究领域涵盖自愿性信息披露、ESG、信用评级、债务契约、高管契约、劳动力市场等方向。其研究成果发表于Journal of Financial Economics、Review of Accounting Studies等国际顶尖期刊。其中的一篇论文被《哈佛大学法学院公司治理与金融监管论坛》和《道琼斯金融新闻》刊载，另外一篇论文被美国证券监管机构引用。谢远教授为本科生、EMBA学生和博士生讲授财务会计、管理会计、资本市场研究等课程，多次在教学评估中获得优异成绩。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
