{"title":"财务欺骗:雷曼兄弟偿付能力错报分析","authors":"Kazi Saidul Islam, Mohamed Omran","doi":"10.1002/jcaf.22807","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>This study examines the misrepresentation of solvency at Lehman Brothers, focusing on a pivotal moment in financial history. The analysis reveals that a closer evaluation of the components of the accounting equation indicates significant leverage, which is critical to understanding Lehman's overall solvency. In contrast, liquidity pertains only to short-term solvency. The findings are viewed through the lens of agency theory and insights from positive accounting theory, particularly about managers’ self-interest and the role of corporate governance in mitigating managerial opportunism that led to significant misstatements in financial reports. It was noted that Lehman's CEO withdrew considerable amounts through bonus compensations and equity sales. Testing the debt-equity hypothesis showed that Lehman manipulated solvency figures to obscure excessive leverage resulting from substantial debts. This investigation highlights how deceptive financial practices can have extensive repercussions, underscoring the need for transparency and accountability within the banking sector. Understanding these misstatements is essential to prevent future crises and foster a more ethically sound financial environment. Additionally, ineffective governance and inadequate audits manipulated accounting transactions that obscured Lehman's solvency risks.</p>\n </div>","PeriodicalId":44561,"journal":{"name":"Journal of Corporate Accounting and Finance","volume":"36 4","pages":"201-217"},"PeriodicalIF":1.2000,"publicationDate":"2025-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Financial Deception: Analyzing the Solvency Misstatement at Lehman Brothers\",\"authors\":\"Kazi Saidul Islam, Mohamed Omran\",\"doi\":\"10.1002/jcaf.22807\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div>\\n \\n <p>This study examines the misrepresentation of solvency at Lehman Brothers, focusing on a pivotal moment in financial history. The analysis reveals that a closer evaluation of the components of the accounting equation indicates significant leverage, which is critical to understanding Lehman's overall solvency. In contrast, liquidity pertains only to short-term solvency. The findings are viewed through the lens of agency theory and insights from positive accounting theory, particularly about managers’ self-interest and the role of corporate governance in mitigating managerial opportunism that led to significant misstatements in financial reports. It was noted that Lehman's CEO withdrew considerable amounts through bonus compensations and equity sales. Testing the debt-equity hypothesis showed that Lehman manipulated solvency figures to obscure excessive leverage resulting from substantial debts. This investigation highlights how deceptive financial practices can have extensive repercussions, underscoring the need for transparency and accountability within the banking sector. Understanding these misstatements is essential to prevent future crises and foster a more ethically sound financial environment. Additionally, ineffective governance and inadequate audits manipulated accounting transactions that obscured Lehman's solvency risks.</p>\\n </div>\",\"PeriodicalId\":44561,\"journal\":{\"name\":\"Journal of Corporate Accounting and Finance\",\"volume\":\"36 4\",\"pages\":\"201-217\"},\"PeriodicalIF\":1.2000,\"publicationDate\":\"2025-05-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Corporate Accounting and Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/jcaf.22807\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Corporate Accounting and Finance","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/jcaf.22807","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Financial Deception: Analyzing the Solvency Misstatement at Lehman Brothers
This study examines the misrepresentation of solvency at Lehman Brothers, focusing on a pivotal moment in financial history. The analysis reveals that a closer evaluation of the components of the accounting equation indicates significant leverage, which is critical to understanding Lehman's overall solvency. In contrast, liquidity pertains only to short-term solvency. The findings are viewed through the lens of agency theory and insights from positive accounting theory, particularly about managers’ self-interest and the role of corporate governance in mitigating managerial opportunism that led to significant misstatements in financial reports. It was noted that Lehman's CEO withdrew considerable amounts through bonus compensations and equity sales. Testing the debt-equity hypothesis showed that Lehman manipulated solvency figures to obscure excessive leverage resulting from substantial debts. This investigation highlights how deceptive financial practices can have extensive repercussions, underscoring the need for transparency and accountability within the banking sector. Understanding these misstatements is essential to prevent future crises and foster a more ethically sound financial environment. Additionally, ineffective governance and inadequate audits manipulated accounting transactions that obscured Lehman's solvency risks.