主讲人/Speaker：Professor Wilson H.S. Tong（唐宪生），The Hong Kong Polytechnic University

时间/Date &Time：2020年12月3日（周四），3:00pm-4:00pm

地点/Venue：我校汇星楼（科技楼）五楼，南特商学院会议室

线上会议/Online meeting:腾讯会议，会议号272 283 520

交流语言/Language：英语English

主题/Title：Earnings Smoothing in Banking Industry through Advisory Fee Income - Do Depositors Matter?

内容简介/ Abstract：

  Existing literature focuses on loan loss provision as a tool for banks to smooth earnings. The novelty and contribution of our study is the proposition that advisory fee income, a key banking revenue item that involves significant accounting discretions, is also an important earnings smoothing tool but has been overlooked. We get strong, supporting evidence from U.S. banking data from 2001 to 2017. We also find that banks smooth earnings more aggressively (i) under negative earnings, (ii) at investment grade credit ratings, (iii) with ratings at plus or minus notches, and (iv) without recent rating changes. We further examine the joint impact of earnings and credit ratings on earnings smoothing behaviour and find that investment-grade (speculative-grade) banks with negative earnings engage most (least) aggressively in earnings smoothing whereas banks with positive earnings lie in between. Our findings hence bear important policy implications.

关键词/Keywords:Earnings smoothing, Earnings management, Advisory fee income, Banking industry, Credit ratings, Depositors


主讲人介绍/Biography of the speaker：

  唐宪生博士出生于香港，香港中文大学社会学学士，美国国际管理研究院国际管理学硕士，美国亚利桑那州立大学经济学博士，主修国际金融。他的学术生涯始于香港科技大学，现任香港理工大学会计及金融学院金融学教授。他的研究领域包括企业金融，实证投资和中国市场。他的研究刊登在国际金融学刊如Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Financial Management, Journal of Empirical Finance, Journal of Banking and Finance, and Journal of International Money and Finance，吸引了超过3,500个谷歌引文。他是学术期刊Journal of Economics and Business的编委。他目前是香港理工大学商学院工商管理学博士,管理学博士(与人民大学合办)和金融科技博士三个课程的总监，亦是香港理工大学工商管理学院尚乘金融科技中心总监和我校南特商学院访问教授。


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