主讲人：张健 助理教授（美国莱莫恩学院马登商学院风险管理及保险系）
主持人：（人大财金）陈泽、（北大经院）贾若、（清华经管）刁莉
参与老师：（人大财金）魏丽、（北大经院）郑伟、（清华经管）陈秉正等
时间：4月27日（周四）上午10：00—11：30
会议形式：线上腾讯会议
腾讯会议991 207 111 会议密码 230427
https://meeting.tencent.com/dm/2u0ugBtAlYAs
摘要： We study how mandated disclosure affects U.S. property-liability insurers' text disclosures. Since 2002 two related disclosure mandates have been applied to U.S. insurers. The first is the Sarbanes-Oxley Act (SOX) which covers publicly traded firms. The second mandate is a complementary state regulator's Model Audit Rule (MAR), which is applied to most other insurers. Since SOX and MAR apply to different types of insurers and became effective in different years, we have an interesting natural experiment. To identify the effect of these mandates on insurer behavior, we use a difference-in-difference method to account for the application of the new requirements at different times. We use a relatively novel measure to summarize the content of text disclosure by assessing the importance of topics derived from a structural topic model. In addition, we examine a more commonly used year-to-year cosine similarity score for the disclosures. We find that the new mandates affect the discussion of about eighty percent of the topics in the discussion of forward-looking statements and the entire MD&A. We separate the MD&A's forward-looking statements from the entire MD&A and then examine how SOX and MAR affected the discussion of topics in the forward-looking statement and the overall MD&A. Overall, the disclosure regulations increased insurers' discussion of topics related to underwriting and performance and reduced the discussion of topics related to loss reserves and losses.
主讲人简介： 张健，美国莱莫恩学院马登商学院风险管理及保险系助理教授，2013年在西南财经大学取得学士学位，2022年在天普大学取得风险管理及保险博士学位。他的研究方向是保险公司的信息披露，保险科技，巨灾保险。曾获得Spencer Education Foundation课程开发基金。
供稿单位：8797威尼斯老品牌科研与博士后办公室
供稿人：李丽萍
