【10月19日 】【会计学院学术论坛】Accounting Conservatism and Corporate Governance- Evidence from Leveraged Buyouts发布日期：2019-09-12 21:09:09
讲座主题：Accounting Conservatism and Corporate Governance: Evidence from Leveraged Buyouts
摘要：This research investigates the influence of corporate governance mechanisms on accounting conservatism prior to leveraged buyouts (LBOs) in the UK. Managers in management leveraged buyout (MBO) firms have an incentive to try to minimise their purchase price while the target shareholders often seek to maximise their selling price. In contrast, third-party LBOs are inherently more uncertain for managers’ long-term job security, which may serve to intensify managers' incentives to engage in opportunistic activities to prevent takeovers. Using the sample of complete buyouts, we find that during the year prior to the announcement of MBOs, managers engage in more conservative accounting, where bad news is disclosed faster than good news. Additionally, this research investigates the differences between the degrees of conservatism prior to MBOs and third-party LBOs. We find that managers engage in more conservative accounting prior to MBOs than prior to third-party LBOs. The research also finds a mean-reversion of managerial behaviours toward accounting conservatism precedes both types of LBOs. In particular, managerial behaviours shifted from less to more conservative prior to MBOs, but from more to less conservative preceding third-party LBOs. Moreover, this research suggests that the ownership characteristics and board characteristics have greater impacts on accounting conservatism in third-party LBO firms than in MBO ones.
讲座人简介：李晨，英国杜伦大学（Durham University）会计金融专业博士（PhD），管理学硕士（MA）；英国格拉斯哥大学（University of Glasgow）国际会计与财务管理专业硕士（MAcc）；西南财经大学财务管理专业学士（BA）。研究领域：会计信息披露，会计稳健性，企业治理，董事会治理效率，合并并购，杠杆收购。在British Accounting & Finance Association 2013 Annual Conference，2015 Annual Conference；Financial Reporting and Business Communication 2015 Annual Conference发表多篇学术会议论文。