学术活动

DCF please! Evidence from financial analyst report

活动品牌 大连理工大学-学术活动
主 讲 人 谭红平
活动地点 管经新大楼B305
开始时间 2018-07-02 08:30
结束时间 2018-07-02 10:00

活动简介:

 

报告简介: Using textual analysis of a large sample of analyst reports, we find that analysts’ use of discounted cash flow (DCF) model compared to PE model positively correlate with investor demand for cash flow and discount rate information. Analysts respond to such investor demand with more cash flow and discount rate discussions in their research reports, which ultimately facilitate their application of DCF model for firm valuation. The market reaction to target price forecasts based on DCF model is more pronounced than those based on PE model. These results indicate that analysts’ valuation process reflects investor demand for value relevant information.

报告人简介:谭红平(Hongping Tan),现任加拿大麦吉尔大学(McGill University)会计和金融学副教授、博士生导师。加拿大皇后大学(Queen’s University)金融学博士,武汉大学经济学硕士。曾先后任职于加拿大约克大学商学院(York University),加拿大滑铁卢大学会计与金融学院(University of Waterloo),美国纽约州立大学布法罗校区(SUNY at Buffalo),加拿大北BC省大学商学院(University of Northern British Columbia)。

主要研究信息披露、分析师预测、国际资本市场等问题。谭红平教授近年来在Journal of Accounting and Economics,Journal of Accounting Research,Journal of Financial Economics等UTD24,FT50的顶级学术期刊发表论文5篇。

现任《当代会计研究》(Contemporary Accounting Research, top-tier accounting journal, FT45 journal lists)编委会成员(Editorial Board, 2017-2020),《亚太金融研究》(Asia-Pacific Journal of Financial Studies)副主编(Associate Editor, 2017年至今)。担任下列期刊的论文评审:The Journal of Finance, Review of Financial studies, The Accounting Review, Management Science, Journal of Financial and Quantitative Analysis, Contemporary Accounting Research, Journal of Business Ethics, Journal of Empirical Finance, Journal of Accounting Auditing and Finance, Asia-Pacific Journal of Financial Studies, Financial Review, Journal of Corporate Finance, Journal of Financial Services Research, Journal of International Economics, Pacific-Basin Finance Journal, Journal of Banking and Finance。以发言人/评论员身份出席下列学术会议:AAA 2009; FARS 2013; AFA 2011; NFA 2016, 2012, 2011, 2007; FMA 2011, 2007; European Finance Association meeting 2015, 2008; Eastern Finance Association meeting 2016, 2012, 2010, 2009; FMA Asian 2010; CICF 2012, 2007; MFA 2013; Paris finance 2013.