讲座主题：Labor Market Benefit of Disclosure: Evidence from External CEO Hiring
讲座老师：曹顺教授 美国乔治亚州立大学
讲座时间：2018年11月26日上午10点30分
讲座地点：文泉楼南401
Abstract：Asymmetric information is a fundamental friction that results in mismatches and productivity losses in the labor market. In this paper, we posit that enhanced financial disclosure from a CEO candidate’s prior employer can help the hiring firm better assess the possible fit between the candidate’s skill set and its needs. Using a mandatory segment reporting reform in the U.S. (SFAS 131) as an exogenous positive shock to disclosure, we find a significant increase in the match quality in external CEO hiring during which the hiring firm has access to more disaggregated segment information about the candidate’s past employment pursuant to SFAS 131. Further, the improvement in firm-CEO matching is greater when the candidate previously holds a higher rank, when there is a larger local CEO labor market, and when the candidate’s prior employer is informationally more opaque. On the other hand, we observe a more moderate effect of financial disclosure on firm-CEO matching when informal social network is available as an alternative information source, and when the candidate moves from a relatively small business to a much bigger one. These findings reveal a novel labor market benefit of disclosure in the form of alleviating pre-hiring information deficiencies and facilitating efficient allocation of CEO talent across firms.
专家简介：
Sean Cao is an Assistant Professor at the School of Accountancy, Robison School of Business, Georgia State University. Dr. Cao’s research interests are capital market research, disclosure (voice, text and image) and compensation contracting. A unifying theme in these research areas is to protect investors’ wealth and to increase firms’ value by conducting large-scale data analysis including unstructured data. His research has been published in leading journals such as the Accounting Review, Journal of Accounting Research, Contemporary Accounting Research and Accounting Horizon. He teaches Ph.D. seminars in financial accounting and undergraduate courses in both financial accounting and taxation.
