Qirong Song

Research Affiliate

  • qirong.song@sbs.ox.ac.uk

Saïd Business School
University of Oxford
Park End Street


Qirong (pronounced Tsi-Ron) Song, CPA Australia, is a Research Affiliate at Saïd Business School, University of Oxford.

She lectures and tutors Financial Reporting for the undergraduate programme of Economic and Management.

Qirong holds a DPhil in Finance from Saïd Business School. Qirong graduated from the Master of Research programme at Macquarie University, Australia. She also completed the Master programme of Accounting, Organisations and Institutions at London School of Economics. She received a joint bachelor's degree from Dongbei University of Finance Economics, China and Curtin University, Australia.


Qirong’s research interests are centred around corporate information environments and the economic consequences of corporate disclosures.

Voluntary disclosure under uncertainty (Job market paper)

My research investigates the impact of uncertainty on voluntary disclosure in good and bad times. Using managerial capital expenditure forecasts as a proxy for voluntary disclosure, this study predicts and finds that uncertainty created by volatile firm performance reduces voluntary disclosure and that the negative effect of uncertainty on disclosure is weaker in bad times compared to good times. This study also shows that managers place more weight on their private information with an increase in uncertainty and rely less on market signals, suggesting that they have a greater information advantage under uncertainty in bad times. Additional analyses confirm this finding by showing that uncertainty has a less negative impact on forecasted capex value in bad times compared to good times.

Voluntary disclosure and the earnings announcement premium (joint with Amir Amel-Zadeh)

This study investigates whether and how voluntary disclosure affects the earnings announcement premium (EAP). Using S&P500 index additions as an exogenous source of variation to voluntary disclosures, we test the effect of guidance on information risk and investor attention as drivers of the EAP. We document a significantly positive (negative) effect of raised (lowered) guidance on the EAP reconciling attention-based and risk-based explanations. Disentangling direct and mediated effects, we find a positive direct effect of raised guidance on the EAP (attention channel) and a weaker countervailing negative indirect effect of raised guidance on idiosyncratic risk (risk channel). Lowered guidance has an unambiguously negative direct and indirect effect. Using high-frequency data we further confirm the effect of voluntary disclosure on both sources of the earnings announcement premium.

Available at SSRN


Qirong has taught undergraduate students, MBA students and EMBA students.