主题：Judging a Book by Its Cover? CEOs’ Facial Trustworthiness and Stock Market Reactions to Management Earnings Forecasts

　　主讲人：加拿大约克大学会计学Albert Tsang教授

　　时间：10月25日（周四）下午2:30-4:00

　　地点：B249

　　主办单位：999策略白菜手机论坛会计系，999策略白菜手机论坛财务与会计研究所

　　主讲人简介：

　　Albert Tsang is a tenured associate professor at the Schulich School of Business, York University. Before joining Schulich School of Business, he was a tenured associate professor at the CUHK Business School. He earned three Master’s degrees (M.Sc. MIS; M.Sc. Acct; M.B.A) and a Ph.D. degree in accounting from the University of Texas at Dallas in 2008. Albert has a strong capital market orientated research interest on corporate social responsibility, financial and non-financial disclosure, news media, and international accounting. Albert pioneered the study of corporate social responsibility in accounting. He has two Accounting Review articles in this area, which are among the first batch of the papers on this topic.

　　He has published a total of 18 publications in refereed journals, including 4 at the top 3 accounting journals (The Accounting Review), 1 at the top 5 accounting journal (Review of Accounting Studies), and 1 at the top 3 international journal (Journal of International Business Studies) plus another 3 in the Financial Times 45 journals (Journal of Business Ethics). Currently, he is serving for the editorial board of Contemporary Accounting Research, Journal of International Accounting Research, International Journal of Accounting and Journal of International Accounting, Auditing & Taxation.

　　Albert also won 4 Hong Kong Government research grants during his first five year as a junior faculty member, totaling nearly CAD200k, representing the best grant application record in business schools in Hong Kong. Albert was nominated by the Dean of Schulich School of Business for the award of York Research Chair for a period of five years starting from 2018. Albert has been invited by universities in different countries (e.g., USA, Hong Kong, Canada, and China) to teach Ph.D. seminar in Capital Market research during the past years.

　　讲座主要内容：

　　This study examines whether and how investors’ reactions to management earnings forecasts vary with CEOs’ facial trustworthiness of the forecasting firms. Using computer-based facial feature detection techniques, we measure CEOs’ facial trustworthiness based on four facial features: eyebrow angle, face shape, chin angle, and philtrum length. Our results show robust evidence suggesting that relative to earnings forecasts issued by firms with less trustworthy- looking CEOs, investors tend to react more strongly to earnings forecasts issued by firms with more trustworthy-looking CEOs. We also find that the positive effect of CEOs’ facial trustworthiness on stock market reactions is stronger for earnings forecasts subject to greater credibility concerns, including forecasts containing positive earnings surprises and forecasts providing less disaggregated forecasts, and earnings forecasts issued by less reputable firms and firms with shorter history. Additional analysis shows that earnings forecasts issued by firms with more trustworthy-looking CEOs elicit greater trading volume. Together, the findings of our study suggest that CEOs’ facial trustworthiness plays an important role in investors’ reaction to firms’ voluntary disclosure.

　　Your participation is warmly welcomed!