报告题目：Disagreement and Market Returns: Evidence from Institutional Investors' Portfolio Churn Rate
报告人： ZAFER YUKESL 助理教授（美国罗德岛大学）
时间：2024年8月8日9:30-12:00
地点：管理学院A南305
【内容摘要】：
We examine whether the overall market-level disagreement among institutional investors as reflected in their aggregate portfolio churn rate, APC, predicts market returns. We show that APC significantly predicts lower market returns both in- and out-of-sample. Our model and simulations distinguish APC from market trading volume and validate APC as a unique measure of institutional investors’ disagreement. Empirical analyses show that the predictive power of APC is distinct from market trading volume, other measures of disagreement, and remains robust after accounting for various metrics related to market returns.
【个人简介】：
Zafer Yuksel served as an Assistant Professor of Finance within the College of Business at the University of Rhode Island since 2022. Dr. Yuksel earned his Ph.D. from the University of Arizona. His research journey is dedicated to the complexities of empirical asset pricing, institutional investors, and mutual funds. He has published in various prestigious academic journals, including the Journal of Financial Economics, Journal of International Business Studies, Journal of Financial and Quantitative Analysis, Journal of Banking & Finance, Journal of Empirical Finance, Journal of Financial Research, Financial Review, and Journal of Business Research. He is currently teaching undergraduate and graduate courses covering Fintech, Introduction to Financial Data Analytics,and Empirical Asset Pricing at the Ph.D.level.
报告题目：Audit Quality Under Remote Working Arrangement: The Role of Workforce Technology Competency
报告人：唐镇洋 副教授（美国克拉克大学）
时间：2024年8月8日9:30-12:00
地点：管理学院A南305
【内容摘要】：
Using comprehensive labor market data to measure client firms’ workforce technology competency, this study investigates how companies’ workforce technology competency may mitigate the deterioration of audit quality under the remote working arrangement following COVID-19. Our results suggest that after the COVID-19 outbreak, companies' accrual quality has decreased, indicating a deterioration of audit quality. The negative impact of remote audits during COVID-19 on audit quality is less pronounced in companies with greater workforce technology competency. Our results are robust to various alternative measures, local versus non-local client analysis, and non-high-technology industry analysis. Our study provides important implications for regulatory bodies and industry professionals to understand the importance of technological human capital in improving audit quality in remote auditing contexts.
【个人简介】：
唐镇洋，美国克拉克大学（Clark University）商学院金融学副教授,研究方向主要包括内幕交易、企业社会责任、公司治理、风险投资等，已在Journal of Business Ethics, Journal of Corporate Finance, Journal of Portfolio Management, Financial Review等期刊发表多篇论文，担任Review of Finance, Entrepreneurship Theory and Practice, Journal of Business Ethics, Journal of Empirical Finance, Economic Modelling等国际一流期刊审稿人，具有丰富的教学与研究经验，在2016年和2019年获得克拉克大学商学院最佳本科教授奖。他在2007年和2009年分别获得清华大学经济学学士和硕士学位，2014年获得阿尔伯塔大学金融学博士学位。
欢迎有兴趣的教师，全体博士生、硕士生参加。
