Yamin Hao School of Business Administration University of Miami, Florida 5250 University Drive, Accounting Dept. Coral Gables, FL 33146 Email: [email protected] http://www.yaminhao.com Phone: (305) 815-2602 Fax: (305) 284-5737 Education University of Miami, School of Business Administration 2010-2015 (Expected) Ph.D. in Business Administration (Major: Accounting; Minor: Micro-Economics) Coral Gables, FL Tsinghua University, School of Economics and Management B.S. in Management (Major: Accounting) Beijing, China 2004-2008 Research Interests Financial Disclosure, Narrative Disclosure, Financial Reporting, Managerial Decisions Working Papers “Taking Credit and Avoiding Responsibility: The Causes and Career Consequences of Managers’ Strategic Disclosures” Job Market Paper Committee: Andrew Leone (Co-chair), Peter Wysocki (Co-chair), Miguel Minutti-Meza, and Dhananjay Nanda This paper provides evidence on the determinants and career consequences of managers’ strategic causal explanations (attributions) for firm performance. Using new textual analysis algorithms, I identify abnormal (opportunistic) attributions and find that managers appear to strategically attribute favorable firm performance to internal factors and poor firm performance to external factors. More importantly, I find that strategic external attributions of poor performance are associated with lower CEO cash-compensation sensitivity and forced turnover likelihood. These findings suggest that managers’ career-related incentives affect their disclosure choices. I also find that abnormal attributions are mitigated by greater analyst following, better corporate governance and greater peer performance commonality. Overall, the evidence is consistent with managers strategically presenting causal explanations to extract private benefits. Yamin Hao, University of Miami “The Information Content of Timely Sales Disclosures: Evidence from the Retail Industry” With Andrew Leone and Liu Yang Under review at Journal of Accounting Research This paper examines the information content of voluntary monthly sales disclosures by retailers. Prior research suggests that quarterly earnings announcements explain only a small portion of the variation in annual or quarterly buy-and-hold abnormal returns, but likely play an important role in lending credibility to more timely management disclosures. Consistent with this notion, we find that earnings announcements only explain about 8% of the variation in total quarterly buy-and-hold abnormal returns, while reported monthly sales explain an additional 29%. Monthly sales disclosures also provide a clean setting to isolate the information content of sales from earnings, which enables us to demonstrate that sales information is much more informative to the stock market than documented in prior studies. Furthermore, consistent with forecasting models of earnings and cash flows, we document that the market reaction to monthly sales disclosures stems primarily from growth in same store sales (the persistent portion of total revenue) rather than sales changes from store openings and closings (the transitory portion of total revenue). Work In Progress “How do Analysts Use Timely Disclosures?” With Andrew Leone, Sundaresh Ramnath, and Liu Yang (currently in data analysis stage) “R&D, Innovation and Firm Performance Variance: A Longitudinal Perspective” With Guangrui Guo (currently in data analysis stage) Professional Work Experience China International Capital Corporation (CICC) Credit Risk Analyst Boyang Accounting Firm Audit Intern 2008-2010 2006 Teaching Instructor: ACC 211 Principles of Financial Accounting Teaching Evaluation: 4.6/5.0 (Business School Average: 4.1/5.0) 2013 Teaching Assistant for Prof. Andrew Leone (Graduate Level Class) 2012 Conferences Florida Accounting Symposium 2014 Yamin Hao, University of Miami AAA/Deloitte/J. Michael Cook Doctoral Consortium AAA Annual Meeting South Florida Accounting Conference 2014 2013, 2014 2011, 2012, 2013 Academic Honors and Awards AAA/Deloitte/J. Michael Cook Doctoral Consortium Fellow Deloitte Financial Reporting Scholarship School of Business Administration, Doctoral Scholarship School of Business Administration, Graduate Fellowship PricewaterhouseCoopers Accounting Excellence Fellowship, Finalist Merit-based Scholarship, Tsinghua University College Entrance Scholarship, Tsinghua University (Ranked as 2nd among 180,000 science students of the province) National Physics Olympics, First Prize (ranked top 3) of the province National Chemistry Olympics, First Prize (ranked 1st) of the province 2014 2014 2010-present 2010-2012 2006 2005-2008 2004 Skills Proficiency in SAS, STATA, Python, and Perl References Andrew Leone (Co-chair) Professor of Accounting University of Miami, FL Phone: (305) 284-3101 Email: [email protected] Peter Wysocki (Co-chair) Professor of Accounting University of Miami, FL Phone: (305) 284-8618 Email: [email protected] Miguel Minutti-Meza Assistant Professor of Accounting University of Miami, FL Phone: (305) 284-6287 Email: [email protected] Dhananjay Nanda Professor of Accounting University of Miami, FL Phone: (305) 284-3122 Email: [email protected] Sundaresh Ramnath Associate Professor and Department Chair of Accounting University of Miami, FL Phone: (305) 284-6668 Email: [email protected] 2003 2003
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