主题：What Do Auditors' Opinions Tell Us about Long-Term Macroeconomic
Activity? (审计师如何定义长期的宏观经济活动?)
主讲人：Scott Joslin, 南加州大学马歇尔商德州扑克大小
金融和商业经济学副教授
日期：2018年11月14日（周三）
时间：上午10:00 - 11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
This paper proposes and validates the macro-audit
hypothesis, an equilibrium theory of a relationship between a form of default
intensities the aggregate frequency of going concern opinions and the macro
economy, where auditors' access to private information across firms (through exposure to accounting data across
their client firms) provides superior information about long-term economic risk
and growth. More specially, motivated by economic framework that builds on
features of firms' audit processes and the corporate sector's role in the macro
economy, we posit and show that going concern opinions from firms' financial
reports provide useful information not only about the likelihood and severity
of firm default but also about long-term macroeconomic activity. We also show
that key capital markets players do not fully incorporate predictive
information embedded in going concern opinions. Overall, this paper is the first
to shed light on the link between audit information in firm-level financial
reports and the macro economy.
主讲人简介:
Scott Joslin is
an associate professor of Finance and Business Economics at USC Marshall School
of Business. His research focuses on asset pricing and related econometric
methods with applications to fixed income and options. He teaches elective
courses on fixed income and risk management in addition to finance in the
online MBA program. Prior to coming to USC, Dr. Joslin was an assistant
professor at MIT Sloan School of Management. He received his Ph.D. in finance
from Stanford Graduate School of Business.
