题目：Lending Relationships and the Demand for AccountingConservatism: Theory and Evidence

演讲者：Jing Li   副教授      

                香港大学商学院

时间：2017年3月31日（周五）上午 10：00 - 11:30

地点：嘉庚二205

主持人：郑祯   助理教授

参 加 者：对会计、财务研究有兴趣的师生

论文简介：We examine the role of lending relationships as a determinant of accounting conservatism for borrowers with accounting-based covenants. We incorporate the lender's information acquisition in the incomplete contract framework. The lender with more intense relationship is more likely to obtain private information about the project's true states and make efficient liquidation decisions after covenant violations. We show that the lending relationship intensity and accounting conservatism have complementary effects on the lender's information acquisition incentive, as well as on the borrower's total payoff. We derive and test two predictions from the model: 1) accounting conservatism increases with the intensity of lending relationship, and 2) the relationship between the ex-ante loan spread and accounting conservatism is more negative as the intensity of lending relationship increases. Our empirical evidence is consistent with both of these predictions.