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Events

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accounting-and-law
15Jan

“Do Risk Disclosures Matter When It Counts? Evidence from the Swiss Franc Shock” by Prof. Luzi Hail

Monday, 15 Jan 2018 | 10:30am - 12:00noon
1303, K.K. Leung Bldg
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Speaker: 

Prof. Luzi Hail
Professor of Accounting
The Wharton School
University of Pennsylvania
 

Content:

We examine the long-term transparency effects of past risk disclosures following an exogenous shock to macroeconomic risk. In 2015 the Swiss National Bank (SNB) abruptly announced it would discontinue the longstanding minimum euro-Swiss franc exchange rate. We show that firms with more transparent disclosures regarding their foreign exchange risk exposure ex ante exhibit significantly lower information asymmetry ex post. The gap in bid-ask spreads appears within 30 minutes of the SNB announcement and persists for two weeks. We confirm the informational role of past risk disclosures with a field survey of three groups of market participants: (1) Sell-side analysts emphasize existing disclosures to evaluate the translational and transactional effects of the currency shock. (2) Lending banks’ credit officers rely on past disclosures as the primary resource available for smaller unlisted firms in the immediate aftermath of the shock. (3) Investor-relations managers use existing financial filings as a key internal information source when communicating with external stakeholders. In sum, the results imply that risk disclosures continue to attenuate information asymmetry and the costs of adverse selection well beyond their initial publication date. 

 

All Interested are Welcome

Seminar on Economics and Politics in Central Europe by Mr. Vladimír Dlouhý

7 Jan 2019

"Estimating customer service rates, loan defaults, and cancer survival: Some applications of a new hazard regression method" by Dr. Donald Lee

Wednesday, 17 Jan 2018

Other Events

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21Jan
Faculty Level | Event
Insights for Young Leaders in a New Global Era
21 Jan 2021 | 20:00 – 21:00
Online via Facebook and Zoom
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8Jan
Accounting and Law | Seminar
“Multidimensional Information and Rational Inattention” by Ms. Keri P. Hu
Friday, 8 January 2021 | 10:40 a.m. — 12:10 p.m.
online seminar
Ms. Peicong (Keri) Hu
“Do Risk Disclosures Matter When It Counts? Evidence from the Swiss Franc Shock” by Prof. Luzi Hail
Monday, 15 Jan 201810:30am - 12:00noon
1303, K.K. Leung Bldg
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