报告题目：Does the Relation between Information Quality and Capital Structure Vary with Cross-Country Institutional Differences?
报告人：JEFF ZEYUN CHEN
（Leeds School of Business, University of Colorado at Boulder
Assistant Professor,
）
点评人：陈志斌教授、涂建明副教授
报告时间：2013年9月22日下午3：00
报告地点: 九龙湖经济管理学院B-201会议室
报告内容摘要：Prior research based on U.S. data finds that firms with better information quality raise more equity whereas firms with poorer information quality issue more debt when they seek external financing. However, little is known about whether similar results hold outside the U.S. and how a country’s institutional environment influences the relation between information quality and capital structure choices. We examine the relation between accounting information quality (measured by earnings precision, accruals quality, and analyst consensus) and financial leverage across 40 countries and whether that relation varies systematically with country-level investor protection and financial orientation. We document a lower level of financial leverage for firms with better information quality. In addition, we find a stronger relation between information quality and financial leverage in weaker investor protection and more market-oriented countries. These cross-country results suggest that information quality is more important in shaping a firm’s capital structure decision when investor demand for information is greater.
JEFF ZEYUN CHEN
EDUCATION
| Ph.D. | Department of Accountancy & Taxation |
| C.T. Bauer College of Business, University of Houston, 2009 | |
| MBA | B.I. Moody III College of Business Administration |
| University of Louisiana at Lafayette, 2004 | |
| B.S. | Department of Accounting |
| School of Management, Fudan University, 2002 | |
EMPLOYMENT
Leeds School of Business, University of Colorado at Boulder
Assistant Professor, 2009 to present
PricewaterhouseCoopers, Shanghai, China
Staff Accountant, 2002 to 2003
PUBLICATIONS
“Effects of Audit Quality on Earnings Management and Cost of Equity Capital: Evidence from China”, with Hanwen Chen, Gerald J. Lobo and Yanyan Wang, Contemporary Accounting Research 28 (2011): 892 - 925
“Association Between Borrower and Lender State Ownership and Accounting Conservatism”, with Hanwen Chen, Gerald J. Lobo and Yanyan Wang, Journal of Accounting Research 48 (2010): 973 - 1014
WORKING PAPERS
“Loan Collateral and Accounting Conservatism”, with Gerald J. Lobo, Yanyan Wang and Lisheng Yu
“On the Implications of Ongoing Earnings Management for Financial Reporting Quality”, with K. Sivaramakrishnan and Calvin Yang
“Earnings Persistence and Market Pricing Implications of Precautionary and Agency-related Changes in Cash”, with Philip B. Shane
“On the Use of Accounting vs. Real Earnings Management to Meet Earnings Expectations - A Market Analysis”, with Lynn Rees and K. Sivaramakrishnan
“Accounting Conservatism and the Long-run Stock Return Performance of IPO firms”, with Carolyn Callahan and Hyun Hong
CONFERENCE PRESENTATIONS
American Accounting Association Annual Meeting, 2008, 2009, 2011
European Accounting Association Annual Congress, 2008
CONFERENCE DISCUSSIONS
American Accounting Association Annual Meeting, 2008
The 4th International Symposium on Empirical Accounting Research, Shanghai, 2005
INVITED WORKSHOP PRESENTATIONS
2011: University of Memphis, Colorado State University
2010: University of Utah, Xiamen University, Fudan University, Shanghai National
Accounting Institute
2009: Carnegie Mellon University, Lehigh University, University of Colorado at Boulder
TEACHING EXPERIENCE
Corporate Financial Reporting II, 2010 to present
Corporate Financial Reporting I, 2010
Intermediate Accounting I, 2007 to 2008
Financial Accounting Principle, 2006 to 2008
SERVICE ACTIVITIES
Leeds School of Business:
Undergraduate Scholarship Committee Member, 2010
Accounting and Business Law Division:
Accounting Workshop Coordinator, 2011 to present
Accounting Doctoral Program Committee Member, 2009 to present
REVIEWING ACTIVITIES
Ad Hoc Reviewer: The Accounting Review, Auditing: A Journal of Practice & Theory,
China Journal of Accounting Research
Conference Reviewer: AAA FARS Mid-year Meeting 2010, 2011
PH.D. DISSERTATION COMMITTEES
Sanghyuk Byun (member)
HONORS AND DISTINCTIONS
Jesse H. Jones Business Dissertation Completion Grant, 2007
AAA/Deloitte/J. Michael Cook Doctoral Consortium Fellow, 2007
Financial Accounting and Reporting Section Doctoral Consortium Fellow, 2007
JCAE Doctoral Consortium Fellow, 2006
