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Annual Conference

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Accounting

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May 2017

Disclosure Frequency Induced Earnings-Cash Flow Conflict and the Decision to be Public

Vicki W. TANG, Kevin Ke LI
We examine whether disclosure frequency induced earnings-cash flow conflict influences the types of firms that choose to be public. Using the length of the cash conversion cycle to proxy for the disclosure frequency induced conflict between short-term reported earnings and total cash flows, we find ...
Keywords: managerial myopic behavior, mandatory disclosure frequency, earnings-cash flow conflict
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

Shell Games: The Long Term Performance of Chinese Reverse Merger Firms

Ran ZHANG, Kevin Ke LI, Charles M. C. LEE
We examine the financial health and performance of reverse mergers (RMs) that became active on U.S. stock markets between 2001 and 2010, particularly those from China (around 85% of all foreign RMs). As a group, RMs are early-stage companies that typically trade over-the-counter. Chinese RMs (CRMs),...
Keywords: reverse mergers, listing requirements, Chinese firms, accounting fraud, cash flow life cycle, private-equity (PIPE) financing
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