主讲人：葛文霞教授  加拿大渥太华大学

主题：Are climate risk disclosures in earnings conference calls relevant to analysts?

主持人：张伟华教授

时间：2023年10月11日（周三）下午14:30-16:00

地点：西区综合楼501会议室

主讲人简介

Wenxia Ge holds a Master’s degree in accounting from Xiamen University, China, and a Ph.D. degree from McGill University. Prior to pursuing her academic career, she worked at China Construction Bank (Shanghai), first as an accountant and later as an internal auditor. Before joining Telfer, she was an associate professor at the University of Manitoba.

Professor Ge is Associate Editor of the Asia-Pacific Journal of Accounting & Economics and a member of the editorial boards of Advances in Accounting and Journal of International Accounting, Auditing and Taxation. She has also reviewed papers for many leading journals and research grant agencies.

Her present research focuses on audit quality, climate risk disclosure, financial reporting quality, debt financing, and corporate governance. Her research has been published or accepted for publication in refereed journals such as Auditing: A Journal of Practice & Theory, European Accounting Review, Journal of Accounting and Public Policy, Journal of Business Finance & Accounting, Journal of Business Research, Journal of Corporate Finance, Journal of Empirical Finance, and Journal of International Business Studies.

Her research was funded by the SSHRC Insight Development Grant, CPA Canada-CAAA Research Grant, and several internal research grants provided by the University of Manitoba. She is a recipient of the CPA Manitoba Research Fellowship, Associates’ Achievement Award for Research, Asper Re-Action Award, American Accounting Association International Accounting Section Excellence in Reviewing Award, and Emerald Literati Award: Outstanding Reviewer for Asian Review of Accounting.

报告摘要

We examine whether climate risk disclosures in earnings conference calls affect analyst forecast errors and dispersion. Using a sample of U.S. firms from 2002 to 2019, we find that the disclosure of physical risk related to climate change is associated with smaller analyst forecast errors, while the disclosures of regulatory and opportunity shocks related to climate change have no significant effect on analyst forecast errors or dispersion. Subsample analyses reveal that the physical climate risk disclosures reduce analyst forecast errors and dispersion after the SEC provided guidance on disclosures of climate risk and opportunities, for firms in industries more sensitive to climate change, for firms located in regions that are more affected by extreme weather events and have higher disaster costs, and for firms located in states where people have stronger beliefs in climate change. Our findings suggest that physical climate risk disclosures in earnings conference calls help analysts make more accurate earnings forecasts.