报告题目：Real Externalities of Fair Value Estimates of Technology-related Intangibles:

Evidence from Business Combinations

报告人：李迎华

报告时间：2024年6月12日（周三）10:00-11:30

报告地点：劝学楼245

主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心

【报告摘要】

This paper investigates the external decision usefulness of audited fair value estimates of technology-related intangible assets. Exploiting the mandatory Purchase Price Allocation (PPA) disclosure by acquirers after material mergers and acquisitions (M&As) under SFAS 141, we examine whether firms patenting in a target firm’s technology fields (i.e., tech-peers) re-orient their patent portfolios based on the disclosed percentage fair value allocation to the target’s tech-related intangibles. The patent portfolios of the tech-peers gradually become more similar to that of the target if the PPA disclosure shows the acquirer assigns a higher proportion of the purchase price to the target’s tech-related intangibles (specifically, developed technology. Further analysis shows that PPA-induced peer learning is greater when peer firms are more likely to pay attention to and respond to the PPA disclosure, suggesting that the percentage fair value allocation to the target’s tech-intangibles is the mechanism via which the PPA disclosure induces peers’ imitation of its patenting strategy. The imitation strategy is associated with improvement in peer innovation outcomes, especially when the percentage fair value assigned to the target’s developed technology is higher. These findings suggest that audited fair value estimates of tech-related intangibles in M&A disclosures inform innovation decisions of tech-peer firms and influence capital reallocation across technology fields, despite the common criticism that such estimates lack reliability.

【报告人简介】

李迎华，美国亚利桑那州立大学会计学教授，曾在普渡大学和纽约城市大学巴鲁克学院任教。主要研究兴趣包括公司治理、股东行动主义、股东诉讼和公司信息披露。研究成果发表在The Accounting Review、Journal of Accounting Research、Journal of Financial Economics、Management Science等领先的国际会计、金融和管理期刊上。2016年至2022年期间曾担任The Accounting Review编委会成员，2017年至今担任Journal of International Accounting Research编委会成员。

【特别提醒】

未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。