题目：Weather-Induced Managerial Mood and Optimistic Earnings Forecasts

演讲者：Yangyang Chen    Assistant Professor

        Hong Kong Polytechnic University

时间：2016年12月9日（周五）上午 10：00 - 11:30

地点:嘉庚二205 

主持人：郑祯 助理教授

参 加 者：对会计、财务研究有兴趣的师生

简介：Prior research shows that weather-induced mood impacts individuals’ judgments and decisions. Using a localized sunshine-based indicator of optimism, we examine whether mood influences the managerial earnings forecasts of U.S. firms. We find that managers with greater sunshine exposure preceding the earnings forecast make more optimistic predictions about future earnings. This effect is statistically robust and economically significant. We also find that the documented effect of local sunshine on earnings forecasts is more pronounced when managers are more risk-taking and when the earnings forecasts are made in a more ambiguous environment. Collectively, our findings show that weather-induced managerial mood is a significant determinant of managerial dissemination of information to shareholders.

备注：讲座当天下午有兴趣与嘉宾座谈的老师和硕博研究生，可以发邮件给郑祯老师预约zhenzheng@xmu.edu.cn。