Professor Steven Young

Head of Department, Professor

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.

Stock repurchases and executive compensation contract design: The role of earnings per share performance conditions
Young, S.E., Yang, J. 2011 In: The Accounting Review. 86, 2, p. 703-733. 31 p.
Journal article

The fragile returns to investor relations: evidence from a period of declining market confidence
Peasnell, K.V., Talib, S., Young, S.E. 2011 In: Accounting and Business Research. 41, 1, p. 67-90. 24 p.
Journal article

R&D expenditures and earnings targets
Young, S.E., Garcia, B. 2009 In: European Accounting Review. 18, 1, p. 7-32. 26 p.
Journal article

Cross-border information transfers: evidence from profit warnings issued by European firms
Young, S.E., Pope, P.F., Alves, P. 2009 In: Accounting and Business Research. 39, 5, p. 449-472. 24 p.
Journal article

Discussion of Do acquirers manage earnings prior to a share for share bid?
Young, S.E. 2008 In: Journal of Business Finance and Accounting. 35, 5/6, p. 671-678. 8 p.
Journal article

Does superior firm performance lead to higher quality outside directorships?
Young, S.E., Gupta, A., Otley, D.T. 2008 In: Accounting, Auditing & Accountability Journal. 21, 7, p. 907-932. 26 p.
Journal article

Tax-efficient irregular payout methods: the case of B share schemes and capital repayments via a court-approved scheme of arrangement
Young, S.E., Oswald, D. 2008 In: Accounting and Business Research. 38, 1, p. 49-70. 22 p.
Journal article

Share reacquisitions, surplus cash, and agency problems
Oswald, D., Young, S.E. 2008 In: Journal of Banking and Finance. 32, 5, p. 795-806. 12 p.
Journal article

Do share buybacks provide price support? Evidence from mandatory non-trading periods
Keswani, A., Yang, J., Young, S.E. 2007 In: Journal of Business Finance and Accounting. 34, 5-6, p. 840-860. 21 p.
Journal article

Disagreement over the persistence of earnings components: evidence on the properties of management-specific adjustments to GAAP earnings
Choi, Y.S., Lin, S., Walker, M., Young, S.E. 2007 In: Review of Accounting Studies. 12, 4, p. 595-622. 28 p.
Journal article

Dirty surplus accounting flows and valuation errors
Isidro, H.D., O'Hanlon, J.F., Young, S.E. 2006 In: Abacus. 42, 3-4, p. 302-344. 43 p.
Journal article

Do outside directors limit earnings management?
Peasnell, K.V., Pope, P.F., Young, S.E. 2006 In: Corporate Finance Review. 10, 5, p. 5-10. 6 p.
Journal article

Board monitoring and earnings management: do outside directors influence abnormal accruals?
Peasnell, K.V., Pope, P.F., Young, S.E. 2005 In: Journal of Business Finance and Accounting. 32, 7-8, p. 1311-1346. 36 p.
Journal article

Bridging the earnings GAAP
Choi, Y.S., Walker, M., Young, S.E. 2005 In: Accountancy. 135, p. 76-78. 3 p.
Journal article

Earnings management and corporate governance
Young, S.E. 2004 In: The Blackwell Encyclopaedia of Management. Oxford : Blackwell p. 166-170. 5 p. ISBN: 0-6312-3317-2.
Chapter

Boom time for buybacks
Young, S.E. 2004 In: The UK Stock Exchange Almanac 2005. Petersfield : Harriman House p. 106. 106 p. ISBN: 1897597460.
Chapter

Dirty surplus accounting flows: international evidence
Isidro, H.D., O'Hanlon, J.F., Young, S.E. 2004 In: Accounting and Business Research. 34, 3, p. 383-410. 28 p.
Journal article

What role taxes and regulation? A second look at open market share buyback activity in the U.K.
Oswald, D., Young, S.E. 2004 In: Journal of Business Finance and Accounting. 31, 1-2, p. 257-292. 36 p.
Journal article

The link between earnings timeliness, earnings conservatism and board composition: evidence from the UK
Beekes, W.A., Pope, P.F., Young, S.E. 2004 In: Corporate Governance: An International Review. 12, 1, p. 47-59. 13 p.
Journal article

Dirty surplus accounting flows: international evidence
Isidro, H.D., O'Hanlon, J.F., Young, S.E. 2004 Lancaster University : The Department of Accounting and Finance
Working paper

Open market share reacquisitions, surplus cash, and agency problems
Oswald, D., Young, S.E. 2004 Lancaster University : The Department of Accounting and Finance
Working paper

Cashing in
Oswald, D., Young, S.E. 2003 In: Accountancy. 131, p. 54-55. 2 p.
Journal article

Stock market reaction to the appointment of outside directors
Lin, S., Pope, P.F., Young, S.E. 2003 In: Journal of Business Finance and Accounting. 30, 3,4, p. 351-382. 32 p.
Journal article

Managerial equity ownership and the demand for outside directors
Peasnell, K.V., Pope, P.F., Young, S.E. 2003 In: European Financial Management. 9, 2, p. 99-118. 20 p.
Journal article

Boom time for buybacks
Oswald, D., Young, S.E. 2002 In: Accountancy. 130, p. 52-53. 2 p.
Journal article

The characteristics of firms subject to adverse rulings by the financial reporting review panel
Peasnell, K.V., Pope, P.F., Young, S.E. 2001 In: Accounting and Business Research. 31, 4, p. 291-311. 21 p.
Journal article

The increasing use of non-executive directors: its impact on UK board structure and governance arrangements
Young, S.E. 2000 In: Journal of Business Finance and Accounting. 27, 9,10, p. 1311-1342. 32 p.
Journal article

Constituent lobbying and its impact on the development of financial reporting regulations: evidence from Germany
McLeay, S., Ordelheide, D., Young, S.E. 2000 In: Accounting, Organizations and Society. 25, 1, p. 79-98. 20 p.
Journal article

Are NEDs good for your wealth?
Lin, S., Pope, P.F., Young, S.E. 2000 In: Accountancy. 126, p. 129. 129 p.
Journal article

Detecting earnings management using cross-sectional abnormal accruals models
Peasnell, K.V., Pope, P.F., Young, S.E. 2000 In: Accounting and Business Research. 30, 4, p. 313-326. 14 p.
Journal article

Breaking the rules: attributes of firms censured by the review panel
Peasnell, K.V., Pope, P.F., Young, S.E. 2000 In: Accountancy. 125, p. 87. 87 p.
Journal article

Accrual management to meet earnings targets: UK evidence pre- and post-Cadbury
Peasnell, K.V., Pope, P.F., Young, S.E. 2000 In: British Accounting Review. 32, 4, p. 415-445. 31 p.
Journal article

Systematic measurement error in the estimation of discretionary accruals: an evaluation of alternative modelling procedures
Young, S.E. 1999 In: Journal of Business Finance and Accounting. 26, 7/8, p. 833-862. 30 p.
Journal article

Directors: who are they?
Peasnell, K.V., Pope, P.F., Young, S.E. 1999 In: Accountancy. 123, p. 114. 114 p.
Journal article

Discussion of ownership structure, firm performance and top executive change: an analysis of UK firms
Young, S.E. 1998 In: Journal of Business Finance and Accounting. 25, 9,10, p. 1119-1126. 8 p.
Journal article

The determinants of managerial accounting policy choice: further evidence for the UK
Young, S.E. 1998 In: Accounting and Business Research. 28, 2, p. 133-143. 11 p.
Journal article

A new model board
Peasnell, K.V., Pope, P.F., Young, S.E. 1998 In: Accountancy. 112, p. 115. 115 p.
Journal article