公司金融教研室学术讲座

报告题目：Hiding in the Herd? Political Uncertainty and Strategic Risk Attribution in Disclosures
报  告 人：林秉旋（美国罗德岛大学 教授）
主  持 人：罗党论（williamhill中国 教授） 
时      间：2026年3月13日（周五）15: 00
地      址：岭南堂汪道涵会议室（101）
语      言：中英文

摘要:
     In the United States, mandatory reporting and market concerns force managers to speak even during periods of turmoil. We examine how managers respond to this constraint by changing the locus of risk attribution in Management’s Discussion and Analysis. Using large language model embeddings and supervised neural network learning, we construct a disclosure-implied systematic risk share (SRS) that links narrative semantics to the systematic component of post-disclosure return variance. We find that political uncertainty causes a “hiding in the herd” response, where managers increasingly attribute risk to market-wide headwinds rather than firm-specific factors. We validate that SRS tracks the structural source of risk using a mirror-image test: when political shocks are firm-specific (i.e., the U.S.-China trade war), attribution shifts to idiosyncratic factors, thereby reducing SRS. The use of systematic attribution is exacerbated by short-term reporting pressure and poor monitoring and is mainly driven by salient policy debates in trade and healthcare.

报告人介绍：

       林秉旋，现为美国罗德岛大学金融学教授，威廉艾根讲席教授。 美国乔治亚州立大学金融学博士。研究领域主要包括企业并购、公司治理、信息披露、中国资本市场以及行为金融等领域，已在British Accounting Review、Accounting Horizons、Journal of Corporate Finance、Journal of Accounting and Public Policy、Journal of Business Finance and Accounting、《经济研究》、《管理科学学报》、《金融研究》以及《会计研究》等国内外一流学术期刊发表论文60余篇。林教授目前是Journal of Accounting and Public Policy 和 China Journal of Accounting Research 的编委会成员。曾担任Journal of Accounting and Public Policy和European Journal of Finance客座主编。曾在威廉williamhill， 中国矿业大学担任特聘教授。 目前担任中南财经政法大学、首都经济贸易大学和中国海洋大学的特聘教授。 

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