财务金融系系列讲座之212期

时间：2017年5月17日（周三）10:30

地点：史带楼503室

主持人：Prof. Qi ZHU　 Department of Finance, School of Management, Fudan University

主题：Weak Creditor Rights and Insider Opportunism: Evidence from an Emerging Market

演讲者： Ph.D. Xiumin Martin Associate Professor of Accounting，Olin Business School，Washington University IN St. Louis

摘要： We study how insiders take advantage of a weak-creditor-right insolvency regime that uses an accounting rule to determine bankruptcy eligibility. Using a unique dataset of bankrupt firms from India, we show insiders manage earnings downward before filing for bankruptcy. A battery of robustness tests confirm accrual behavior is not merely driven by poor performance. We further show that pre-bankruptcy low accruals are associated with poor post-filing performance as well as greater loss of market value on bankruptcy announcements. Last, we find a higher frequency of related party transactions post bankruptcy filings. Taken together, our results suggest that insiders game the accounting-based entry rule to obtain bankruptcy protection and tunnel assets out of the bankruptcy firm. Our study highlight the importance of strong creditor rights for generating positive economic outcomes (La Porta et al. [1997]).

简介： Xiumin Martin is associate professor of accounting at Olin Business School，Washington University in St. Louis. She has specialized in accounting, corporate governance as well as financial reporting. Her research has been published in numerous academic journals, including Journal of Financial Economics, Journal of Financial and Quantitative Analysis. Xiumin Martin joined Olin Business School in 2007 after graduating from the University of Missouri in Columbia. While working on her PhD, Martin won numerous Outstanding Research awards and an Outstanding Teaching Award.

财务金融系

2017-5-10