Certification and Disclosure
腾讯会议：547 271 347
辛保华博士现为加拿大多伦多大学会计学副教授，研究领域为信息经济学、会计信息披露与监管。研究成果发表在The Accounting Review, Management Science, Contemporary Accounting Research等国际顶级期刊上。
1. Voluntary disclosure经典理论研讨
2. 报告论文：The Value of Mandatory Certification: A Real-Effects Perspective
Abstract: We study the real effects of certification to shed light on the （incremental） value of mandatory certification over and above mandatory disclosure in enhancing investment efficiency. In our model, a firm manager selects a project to maximize the firm’s short-term stock price, which is a function of the manager’s certification and disclosure decisions regarding the outcome of the selected project. While the manager can be either forthcoming or strategic regarding the disclosure of her private information （Beyer and Dye, 2012; Bertomeu and Marinovic, 2016）, she can strategically choose whether to incur a cost to certify her disclosure, unless mandated. The manager always selects the first-best project when both certification and disclosure are mandatory. However, when certification is voluntary, project selection is generally inefficient. In addition, mandating disclosure without mandating certification can lead to lower investment efficiency than mandating neither. In justifying why mandatory certification is beneficial for public firms, our results challenge the contemplated regulatory move for more disclosures of public firms without corresponding certification requirements.