题目：Managerial Sentiment and Cost Stickiness

主讲人：余扬新教授

时间：12月4日上午10：00至11：30

地点：北京师范大学珠海校区励耘楼 B312

摘要：We explore the causal effect of managerial sentiment on firms’ cost stickiness, using terrorist attacks as an exogenous source driving psychological changes in managerial sentiment. We find that firms located in the attacked metropolitan areas experienced a significant decline in cost stickiness for the first two fiscal quarters after the terrorist attacks. We further find that the effect is more pronounced for firms with inexperienced, less-confident or short-horizon CEOs; and when attack events are more salient and managers have limited prior exposure to negative events. Our main findings are robust to a variety of additional tests. Overall, our study suggests that shocks induced by exogenous negative events affect managerial sentiment. In turn, they shape managers’ real operating decisions.

个人简介：余扬新现为香港城市大学商学院会计系教授。余教授曾于澳大利亚国立大学会计系担任教职，之后加入香港城市大学会计系。余教授现任香港城大商学院博士项目主任, 以及Asia-Pacific Journal of Accounting & Economics主编，Accounting Forum副主编, 并曾任Journal of International Business Studies审稿编委会委员。余教授的研究领域包括资本市场、公司披露、高管薪酬、企业社会责任。近年余教授致力于结合宏观、中观经济探讨会计信息问题，并将此融入会计教学。其成果发表于Journal of Accounting and Economics, The Accounting Review, Journal of Financial and Quantitative Analysis, Strategic Management Journal，Journal of Corporate Finance, Journal of Business Finance and Accounting, Auditing: A Journal of Practice and Theory, European Accounting Review, Journal of Business Ethics, Journal of Business Research等会计、金融、管理期刊。