时间：2020年12月22日（周二上午），10:00-11:00      

地点：腾讯APP会议（会议号：请有意向参加的博士生和老师联系赵莹老师获取）

研讨会详细议程：10:00-11:00      

报告：：Data Breaches and Optimism Bias in Firm Disclosure      

报告人：付思文

摘要：This study examines the effects of data breaches on firm disclosure policies. Data breaches are normally associated with information leakage, tight regulatory oversight, and shareholders’ concerns on corporate governance and firm values. These negative consequences increase firm litigation exposure and therefore predict less optimistic earnings forecasts from breached firms in the post-breach periods. Using a difference-in-differences estimation, I find a reduction in earnings forecasts optimism bias after data breaches. The cross-sectional analyses show that the reduction of the optimism bias is more salient for firms with higher ex-ante litigation risk, those reporting negative earnings, and with higher visibility, which corroborates the litigation concern view. Further analysis suggests the result is more salient when the loss from data breaches is severe, e.g., when the data breaches involve a large number of records leakage, trigger negative market reaction upon the announcements and are a result of external attacks. Finally, I find that the breached firms exhibit less positive tones and increase risk factor disclosure in their 10K/Q filings in the post-breach periods. My main findings are robust to a battery of robustness tests.

报告人简介：

付思文，香港城市大学会计学博士研究生，研究方向为公司披露、文本分析、审计、信贷风险。