报告题目：How does Financial Market Development Impact Firm Earnings Management? Evidence from Interstate Banking and Branching Deregulations
报 告 人：Frank Hong LIU（University of Aberdeen, Professor）
主 持 人：曹夏平（中山大学岭南学院，副教授）
时? ? ? 间：2019年5月21日（周二）下午14:30-16:00
地? ? ? 点：岭南堂叶葆定会议室
语? ? ? 言：英文
This paper investigates how external financial market development affects firms’ earnings management policies, by studying the impact of the U.S. interstate banking and branching deregulations on firm earnings management. We find that the exogenous banking and branching deregulations significantly and negatively decrease both accruals-based and real earnings management of firms located in the deregulated states. This impact is channeled through increased banking competition and credit supply alleviating firms’ financial constraints. Finally, we show that the findings are robust to various endogeneity concerns and thus are mostly likely causal.
Frank Hong Liu is a professor of banking and finance at the University of Aberdeen.? He was previously a lecturer and senior lecturer at the University of Glasgow and a research associate at Bangor University. Frank also holds visiting positions at Stern Business School (New York University), Columbia Business School (Columbia University) and Erasmus School of Economics (Erasmus University Rotterdam). Before joining academic, Frank worked as a foreign exchange trader in Bank of Communications in China for four years.