线上学术 | 会计系讲座（2021-12-15）

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Accounting Webinar

(2021-15) 

Topic: Loan Fair Value Disclosures and Deposit Flows

Speaker: Qi Chen,  Duke University

Time: Wednesday, December 15, 10:00-11:30 a.m. Beijing Time

Location: Microsoft Teams

Using a sample of U.S. commercial banks from 1994 to 2019, we provide the first large- sample evidence on the decision-relevance of loan fair values for uninsured bank depositors. Consistent with loan fair values summarizing information of relevance to depositors, we find a significant association between loan fair value changes and uninsured deposit flows. Additional analyses find that the informational relevance cannot be fully explained by the information content of loan fair values about credit quality, nor by changes in fair values due to interest rate changes. At the same time, the information relevance is stronger in times of low market liquidity for bank loans and in banks where uninsured depositors are more concerned about the banks’ liquidity condition. The findings inform the cost-benefit trade-off of reporting loan fair values.

Professor Chen's research interests lie in the intersections between economics, finance and accounting, with a focus on the role of information and incentives in financial markets and within firms, including the effect of information on firms’ investment decisions, the role of incentive on accounting systems, corporate governance, and security analysts’ behaviors. His recent research has examined the effects of bank mergers in firms’ disclosure behaviors, and the effects of China’s split share structure reform and of China’s bank market development on Chinese companies’ financial policies and performance.

His research has been published in leading finance and accounting journals, including Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Accounting Research and Journal of Accounting and Economics. He teaches Financial Statement Analysis and Analytical Accounting PhD seminar. He holds a PhD and an MBA degree from the Booth School of Business at the University of Chicago, an MA in economics from University of Maryland at College Park and a BA in economics from Wuhan University in China.