报告题目：The Relevance of Discretionary Loan Loss Provisions during the Financial Crisis
报告摘要：Banks’ use of accounting discretion in estimating loan loss provisions (LLPs) during the financial crisis has come under severe criticism. We argue, however, that it is during periods of instability like the financial crisis that accounting discretion is most relevant. We find that the discretionary component of LLPs exhibits dramatically stronger associations with contemporaneous stock returns and with subsequent realized loan losses during the crisis than in surrounding periods. We also find that discretionary LLPs are associated with the Treasury’s allocation of TARP funds. Tests surrounding the TARP funding shock provided added validity to our empirical specifications. The significant beneficial role of discretion in LLPs during the financial crisis is especially important in light of the FASB’s new accounting rules that are likely to alter the level of accounting discretion underlying these estimates.
报告人简介：陈振华博士是美国圣地亚哥大学商学院助理教授，加入USD前陈博士曾任教于杜兰大学。陈博士的研究兴趣在于探究经济、行为、监管和政治等方面因素如何影响管理层的决策过程，他的研究成果曾在Yale等大学进行过报告，也曾被The Wall Street Journal和Forbes等期刊引用。陈振华博士毕业于美国杜克大学。