Research seminars

TBD

Accounting & Management Control

Speaker: Kalle Kraus
Stockholm School of Economics

14 September 2018 - HEC Paris - Room T004 - From 2:00 pm to 4:00 pm


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Accounting & Management Control

Speaker: Shiva Sivaramakrishnan
Rice University

15 June 2018 - HEC Paris - Room X120 - From 2:00 pm to 4:00 pm


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Accounting & Management Control

Speaker: Xin Wang
Hong Kong University

8 June 2018 - HEC Paris - Room T004 - From 2:00 pm to 4:00 pm


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Accounting & Management Control

Speaker: Hendrik Vollmer
University of Leicester

25 May 2018 - HEC Paris - Room T020 - From 2:00 pm to 4:00 pm


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Accounting & Management Control

Speaker: Martin Giraudeau
LSE/Sci. Po

4 May 2018 - HEC Paris - Room T004 - From 2:00 pm to 4:00 pm


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Accounting & Management Control

Speaker: Crawford Spence
University of Warwick

20 April 2018 - HEC Paris - T004 - From 2:00 pm to 4:00 pm


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Accounting & Management Control

Speaker: Shai Levi
Tel Aviv University

23 March 2018 - HEC Paris - Room T004 - From 2:00 pm to 4:00 pm


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Accounting & Management Control

Speaker: Robert F Göx
University of Zurich

16 March 2018 - HEC Paris - Room T004 - From 2:00 pm to 4:00 pm


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Accounting & Management Control

Speaker: Giri Kanagaretnam
Schulich School of Business

14 March 2018 - HEC Paris - Room T004 - From 2:00 pm to 4:00 pm


Real Externalities of Mandatory Disclosures: Evidence from the Oil and Gas Industry

Accounting & Management Control

Speaker: Bjorn Jorgensen
London School of Economics

26 January 2018 - HEC Paris - Room T020 - From 2:00 pm to 4:00 pm


This paper documents real externalities of firms’ mandatory disclosures. We focus our analysis on the regulatory disclosure of oil and gas (O&G) reserves, a setting in which mandatory information is particularly important to understand industry competition. Using a comprehensive sample of Canadian and US O&G producers, we hypothesize and find that larger increases in reserves are accompanied by lower stock returns and increases in investment for competing firms. These findings are consistent with O&G disclosures containing competition-sensitive information. To sharpen identification, we exploit three sources of institutional variation. First, the North-American pipeline infrastructure constrains the supply of natural gas, and thus competition in the gas market, but not the supply of oil. Second, the introduction of the fracking technology substantially altered the competition dynamics in the natural gas market. Third, mandatory O&G disclosure rules were modified in Canada and the US in a similar fashion, albeit at different points in time. Consistent with mandatory disclosure of O&G reserves imposing proprietary costs, we also find that, under the new rules, disclosing firms appear to be less able to exploit their competitive advantage. Overall, our evidence highlights important trade-offs in the market-wide effects of disclosure regulation.

Contact Us  

Accounting & Management Control Department

Campus HEC Paris
1, rue de la Libération
78351 Jouy-en-Josas cedex
France

Featured Faculty  

Sebastian BECKER

Accounting and Management Control (GREGHEC)

Consult résumé

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