|Event Name||Admission to Bachelor’s Degree Programmes 2020/2021 by Direct Admission (Application Period: 02/12/2019 – 17/04/2020)|
|Organizer||Registry, University of Macau|
|Date||02/12/2019 – 17/04/2020|
|Time||Office Hours: Monday-Thursday 09:00-13:00, 14:00-17:45; Friday 09:00-13:00, 14:00-17:30; Office is closed on Saturdays, Sundays and public holidays.|
|Venue||Online Application at https://reg.um.edu.mo/admissions/macao-students/direct-admissions/admission-rules/|
|Content||Admission Rules and Online Application are available on the Registry's website at https://reg.um.edu.mo/admissions/macao-students/direct-admissions/admission-rules/ during application period.|
|Target Audience||All interested parties|
|Name||Registry, University of Macau|
|Tel.No||(853) 8822 4007|
|Fax||(853) 8822 2425|
|Event Name||FBA-FBE Brown Bag Seminar: Disclosure Policies in Quarterly Earnings Guidance|
|Categories||Seminar / Lecture|
|Organizer||Faculty of Business Administration|
|Speaker||Prof. Michael TANG|
|Date||19 Dec 2019|
|Venue||E22-2007, Faculty of Business Administration|
We examine whether differences in guidance patterns reflect differences in disclosure policies by comparing guidance issued by firms that provide “regular" guidance every quarter (over twelve consecutive quarters) to firms that provide guidance sporadically. We find that regular guidance tends to be accurate and have less variable forecast errors. We also find that market participants view regular guidance more credibly than sporadic guidance. Additional results suggest that firms that provide regular guidance are responding to a heightened demand for disclosure from institutional investors, whereas firms that provide guidance sporadically seem to tradeoff the benefits of lowering overly optimistic earnings expectations against the costs of large forecast errors when deciding whether to issue guidance in a particular quarter. Together, we document systematic differences in the quality and credibility of guidance between firms that provide guidance regularly and firms that provide guidance sporadically, suggesting that these firms likely have distinct objectives for issuing guidance.
Prof. Michael TANG joined New York University Stern School of Business as an Assistant Professor of Accounting in July 2012. He taught Stern undergraduate course of "Principles of Managerial Accounting" and now teaches "Principles of Financial Accounting" to both Stern and non-Stern undergraduate students.
Professor TANG’s research focuses on the interactions between managers and capital market participants (such as financial analysts) in communicating financial information, with particular interests in the uncertainty aspect, the multi-period process, and the human factor, that jointly shape earnings expectations. His studies have been accepted for publication in The Accounting Review (TAR), Accounting, Organizations and Society (AOS), and Journal of Accounting, Auditing and Finance (JAAF). He has also reviewed papers for Journal of Accounting and Economics (JAE), Journal of Accounting Research (JAR), Management Science (MS), Review of Accounting Studies (RAST) and for other journals.
Prof. TANG received his B.A. in Finance from Fudan University in Shanghai; his M.S. in Applied Economics, and his Ph.D. in Accounting, from the Simon School of Business of the University of Rochester. Prior to his academic career, Prof. TANG worked in management consulting, including McKinsey and Mercer, and in investment banking at China International Capital Corp. (CICC). He has also completed the Chartered Financial Analyst (CFA) curriculum and is a member of the National Investor Relations Institute (NIRI).
|Target Audience||All are welcome|