报告题目：Foreign Ownership and Accounting Discretion in Japan：a Catering Perspective
报  告  人：Yijiang Zhao, Ph.D.
                      Associate Professor of Accounting, Kogod School of Business, American University
主  持  人：崔学刚 教授
                       北京师范大学经济与工商管理学院副院长
报告时间：2016年9月5日 10:30-12:00
报告地点：后主楼1620室

论文摘要：
We examine how foreign institutions affect accounting discretion in Japan, the world’s largest developed country outside the US. In contrast to the findings of prior agency-based literature that foreign ownership constrains accounting discretion in emerging economies, we find that foreign ownership is associated with more accounting discretion in Japan and that such increased accounting discretion indeed is associated with higher future market liquidity. These counterintuitive results suggest that Japanese management caters to foreign owners by using accounting discretion to smooth earnings and thus increase earnings informativeness. These findings shed new light on how foreign ownership enhances corporate information environments.