Professor Steven Young
BA University of Wales, PhD Lancaster
Personal Chair
Department
Accounting and Finance
Professional Role
Departmental
Director of Masters Programmes
PhD Programme Director (Accounting)
External Roles
Associate Editor, Journal of Business Finance and Accounting
Associate Editor, European Accounting Review
Editorial Board Member, Accounting, Organisations and Society and Accounting and Business Research
Current Teaching
Postgraduate: AcF 503 Principles of Financial Reporting, AcF 651 Advanced Research Methods, AcF 804 PhD Research Seminar
Research Interests
My research is currently concentrated in the following three areas:
A. The motives and consequences of share repurchases
- The objective of this stream of research is to understand why firms repurchase their shares and the impact that such decisions have on shareholder wealth. The analysis focuses on exploring the impact of surplus cash, executive compensation plan design, and changes in corporate tax rates.
- The research method involves analysing share repurchases using cross-sectional and panel data techniques to model both daily and aggregate 12-month repurchase data.
B. The association between corporate governance and firm performance
- The objective of this research is to explore how governance arrangements affect the quality of corporate decision-making. In particular, this stream of research examines the extent to which good governance leads to decisions that increase shareholder wealth.
- The research method involves modelling the dynamic relation between firm performance and governance characteristics. The issue is also examined by analysing the association between investment decisions and governance arrangements.
C. Reporting firm performance
- The objective of this stream of research is to empirically explore how different approaches to measuring and presenting earnings data are associated with firm valuation and periodic performance measurement.
- The research method uses a range of valuation models to empirically explore the links between alternative earnings numbers and both firm value and changes therein.
Research Grants
“Cross-Border Information Transfers and Accounting Quality”, £42,948 Centre for Business Performance at the Institute of Chartered Accountants in England and Wales 2007, ongoing (with P. Pope)
“Reporting Financial Performance under Financial Reporting Standard No.3: Understanding the Earnings Reporting Practices of UK Firms and their interactions with Analysts’ Earnings Forecasts”, £107,699 Centre for Business Performance at the Institute of Chartered Accountants in England and Wales 2001, completed (with M. Walker & S. Lin)
“Understanding Share Buybacks: Payout flexibility, Executive Pay and Taxes”, £50,661 Leverhulme Trust 2004 (Ref. F/00 185/I), completed
"More Repurchases in the UK: Motives and Shareholder Wealth Effects", £17.693 Economic and Social Research Council (Ref R000223516), completed (with D. Oswald)
"European Union Research Network Project", Total value of award: 1.3 million Euro's: Lancaster University’s share of the award £95,000, The European Commission 1999, completed (project co-ordinator S. J. McLeay)
"The Composition, Structure, and Role of the Board of Directors: A Comparison of UK and US Firms", £3,000 Lancaster University Small Grant Scheme 2000, completed
"Board Effectiveness and Accounting Quality: Evidence from the Financial Reporting Review Panel" £5,000 The Nuffield Foundation 1998, completed (with K.V. Peasnell & P.F. Pope)
Economic and Social Research Council Management Research Fellowship (Ref. H53627500497). £77,891 ESRC 1997, completed
"The Composition and Structure of Corporate Boards: Implications for Firm Performance", £30,245 The Leverhulme Trust 1997, completed (with K.V. Peasnell & P.F. Pope)
Journal article (33)
Working paper (4)
Selected publications (24)
View all publications (39)
Publications
- Peasnell K V, Talib S and Young S E, 2011, 'The fragile returns to investor relations: evidence from a period of declining market confidence', Accounting and Business Research, vol 41, no. 1, pp. 67-90.
View details - Young S E and Yang J, 2011, 'Stock repurchases and executive compensation contract design: The role of earnings per share performance conditions', The Accounting Review, vol 86, no. 2, pp. 703-733.
View details - Young S E, Pope P F and Alves P, 2009, 'Cross-border information transfers: evidence from profit warnings issued by European firms', Accounting and Business Research, vol 39, no. 5, pp. 449-472.
View details - Oswald D and Young S E, 2008, 'Share reacquisitions, surplus cash, and agency problems', Journal of Banking and Finance, vol 32, no. 5, pp. 795-806.
View details - Young S E and Oswald D, 2008, 'Tax-efficient irregular payout methods: the case of B share schemes and capital repayments via a court-approved scheme of arrangement', Accounting and Business Research, vol 38, no. 1, pp. 49-70.
View details - Young S E, Gupta A and Otley David, 2008, 'Does superior firm performance lead to higher quality outside directorships?', Accounting, Auditing & Accountability Journal, vol 21, no. 7, pp. 907-932.
View details - Young S E, 2008, 'Discussion of Do acquirers manage earnings prior to a share for share bid?', Journal of Business Finance and Accounting, vol 35, no. 5/6, pp. 671-678.
View details - Choi Y S, Lin S, Walker M and Young S E, 2007, 'Disagreement over the persistence of earnings components: evidence on the properties of management-specific adjustments to GAAP earnings', Review of Accounting Studies, vol 12, no. 4, pp. 595-622.
View details - Keswani A, Yang J and Young S E, 2007, 'Do share buybacks provide price support? Evidence from mandatory non-trading periods', Journal of Business Finance and Accounting, vol 34, no. 5-6, pp. 840-860.
View details - Isidro H D, O'Hanlon J F and Young S E, 2006, 'Dirty surplus accounting flows and valuation errors', Abacus, vol 42, no. 3-4, pp. 302-344.
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