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    報告題目:The Politics of Bank Opacity






    The distribution of power in the political system shapes the financial reporting opacity of banks. Specifically, banks located in states with senators on the Senate Banking Committee (BC senators) have greater abnormal loan loss provisions than banks in other states. The result is stronger for larger banks and banks with higher risk. In addition, BC senators have a negative effect on the likelihood of banks in their home states receiving enforcement actions, and, more importantly, this effect is stronger for more opaque banks. These findings suggest that politicians, regulators, and banks use opaque financial reporting to facilitate regulatory forbearance. Moreover, we show that opacity is a significant channel through which BC senators increase bank risk. During economic downturns, however, BC senators appear to promote bank opacity to encourage bank lending and create liquidity. Finally, the capital market does not penalize the reporting opacity of banks in states with BC senators.


    岳衡,新加坡管理大學會計學院副教授(tenured),MCFO項目主任,中國財政部全國會計領軍人才。畢業于美國杜蘭大學(Tulane University),曾任北京大學光華管理學院教授,博士生導師,會計系主任。在Journal of Financial Economics、Accounting Review、Contemporary Accounting Research、Review of Accounting Studies、Journal of International Business Studies、Journal of Banking and Finance、Journal of Corporate Finance、《管理世界》、《會計研究》等國際和國內權威學術刊物發表論文30余篇,獲國家自然科學基金優秀青年基金,主持和參與多項國家自然科學基金項目。研究領域主要在中國資本市場、公司治理、盈余預測、企業投融資研究等。

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