科学研究
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东财•会计与财务论坛:袁歆
2020年12月29日

报告题目:Contracting in a Short-Term Relationship: Evidence from Asset Sales Agreements

报告人:袁歆

报告时间:2021年1月5日(周二)9:00-11:00

讲座形式:腾讯会议(会议ID:474 860 982)

主办单位:东北财经大学会计学院

【报告摘要】

Using a large sample of asset sales agreements compiled from SEC filings, I examine the use of contracting mechanisms in a short-term business relationship. I first show that higher information asymmetry between buyers and sellers is associated with the use of more representations and warranties, covenants, and special payment arrangements. Importantly, my result suggests that these contracting mechanisms are used as complements to one another. Further analysis shows that this complementarity is more pronounced when agency conflicts become more severe. These results differ from prior findings on long-term contracts that different mechanisms usually serve as substitutes. The evidence is consistent with the view that the length of a relationship influences contract efficiency in employing multiple mechanisms—while in a long-term relationship, contracts tend to rely on few provisions, short-term contracts depend more on multiple mechanisms.

【报告人简介】

袁歆,纽约城市大学巴鲁学院会计系博士研究生,本科毕业于厦门大学会计系。博士期间研究领域涉及公司契约、企业网络安全披露以及公司治理。