德勤－复旦会计论坛系列讲座之一百十九
时间：2017年4月25日（周二）下午13：30
地点：史带楼601室
主持人: 陈超 教授
演讲嘉宾：Gerald J. Lobo (University of Houston)
Title：Share Repurchase Plans and Accounting Conservatism
Abstract：We hypothesize that firms with more conservative accounting disclosure (that is, more timely recognition of bad news than good news) are less likely to use stock repurchases because both mitigate the agency problem between a firm’s managers and its external shareholders. We find robust evidence consistent with this hypothesis. We contribute by documenting that a firm’s share repurchase decision is related to its financial reporting, i.e., financial policy interacts with disclosure policy. We also find that, while more conservative firms are less likely to repurchase, the favorable valuation consequences are greater when they do so.
会计学系
2017-4-19
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