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Lakshmanan Shivakumar

London Business School Term Chair Professor of Accounting


BCom (University of Madras), MBA (Vanderbilt University), PhD (Vanderbilt University)

Professor Lakshmanan Shivakumar is a prolific and influential academic researcher, who has been invited to talk at universities and conferences in over 25 countries. He is currently a council member of the American Accounting Association. He was formerly the subject area Chair for the Accounting group at London Business School. He has held visiting positions at the University of Chicago Graduate School of Business, the Indian School of Business, the Australian National University and the University of New South Wales. 

His main research interests are in the areas of financial reporting quality and stock-return predictability. He has published articles in several top-tier accounting and finance journals and is a co-editor of the Review of Accounting Studies. His research on financial reporting quality includes an examination of the role of conservatism in financial reporting and earnings management in firms making public equity offerings. On stock return predictability, his research has addressed issues relating to the causes of underlying price momentum and post-earnings-announcement drift anomalies. 

An award winning teacher, Shivakumar currently teaches courses on Financial Statement Analysis and on Securities Analysis and Financial Modelling. He also consults for bankers and consulting firms on valuation, financial analysis and investment strategies. His research has been presented to regulators and development agencies across the world, including the African Development Bank, the Federal Reserve Bank of New York and the Singapore Stock Exchange.

2016

A review of the IFRS adoption literature

De George E; Li X; Shivakumar L

Review of Accounting Studies 2016 Vol 21:3 p 898-1004

2015

Contractibility of financial statement information prepared under IFRS: Evidence from debt contracts around IFRS adoption

Ball R; Shivakumar L

Journal of Accounting Research 2015 Vol 53:5 p 915-963

2013

Agency-based demand for conservatism: Evidence from state adoption of antitakeover laws

Jayaraman S; Shivakumar L

Review of Accounting Studies 2013 Vol 18:1 p 95-134

Target's earnings quality and bidders' takeover decisions

K Raman; L Shivakumar; A Tamayo

Review of Accounting Studies 2013 Vol 18:4 p 1050-1087

The role of financial reporting in debt contracting and in stewardship

Shivakumar L

Accounting and Business Research 2013 Vol 43:4 p 362-383

2012

Audited financial reporting and voluntary disclosure as compliments: A test of the confirmation hypothesis

Ball R; Jayaraman S; Shivakumar L

Journal of Accounting and Economics 2012 Vol 53:1-2 p 136-166

2011

The debt market relevance of management earnings forecasts: Evidence from before and during the credit crisis

Shivakumar L; Urcan O; Vasvari F; Zhang L

Review of Accounting Studies 2011 Vol 16:3 p 464-486

2010

Discussion of aggregate market reaction to earnings announcements

Shivakumar L

Journal of Accounting Research 2010 Vol 48:2 p 335-342

Inflation, earnings forecasts and post-earnings-announcement drift

Basu S; Markov S; Shivakumar S

Review of Accounting Studies 2010 Vol 15:2 p 403-440

2009

Liquidity and the post-earnings-announcement drift

Chordia T; Goyal A; Sadka G; Sadka R; Shivakumar L

Financial Analysts Journal 2009 Vol 65:4 p 18-32

2008

Earnings quality at initial public offerings

Ball R; Shivakumar L

Journal of Accounting and Economics 2008 Vol 45:2-3 p 324-349

How much new information is there in earnings?

Ball R; Shivakumar L

Journal of Accounting Research 2008 Vol 46:5 p 975-1016

2007

A discussion of ‘Information uncertainty and post-earnings-announcement drift

Shivakumar L

Journal of Business Finance and Accounting 2007 Vol 34:3-4 p 434-438

2006

Accruals, cash flows and the post-earnings-announcement drift

Shivakumar L

Journal of Business Finance and Accounting 2006 Jan-Mar Vol 33:1/2 p 1-25

Earnings and price momentum

Chordia T; Shivakumar L

Journal of Financial Economics 2006 Jun Vol 80:3 p 627-656

Role of accruals in asymmetrically timely gain and loss recognition

Shivakumar L; Ball R

Journal of Accounting Research 2006 May Vol 44:2 p 207-242

2005

Earnings quality in UK private firms: comparative loss recognition timeliness

Ball R J; Shivakumar L

Journal of Accounting and Economics 2005 Feb Vol 39:1 p 83-128

Inflation illusion and post-earnings-announcement drift

Chordia T; Shivakumar L

Journal of Accounting Research 2005 Sep Vol 43:4 p 521-556

2004

Liquidity dynamics across small and large firms

Tarun C; Shivakumar L; Subrahmanyam A

Economic Notes 2004 Feb Vol 33:1 p 111-143

Self-selection of auditors and audit pricing in private firms

Chaney P; Jeter D C; Shivakumar L

Accounting Review 2004 Jan Vol 79:1 p 51-72

2002

Does market structure affect the immediacy of stock price responses to news?

Shivakumar L; Masulis R W

Journal of Financial and Quantitative Analysis 2002 Dec Vol 37:4 p 617-648

Momentum, business cycle and time-varying expected returns

Shivakumar L; Chordia T

Journal of Finance 2002 Apr Vol 57:2 p 985-1019

2000

Do firms mislead investors by overstating earnings before seasoned equity offerings?

Shivakumar L

Journal of Accounting and Economics 2000 Jun Vol 29:3 p 339-371

1999

Cross-sectional estimation of abnormal accruals using quarterly and annual data: effectiveness in detecting event-specific earnings management

Jeter D C; Shivakumar L

Accounting and Business Research 1999 Autumn Vol 29:4 p 299-319

Finance


  • Financial Statement Analysis elective E444 AUT15 and SUM16

  • Securities Analysis & Financial Modelling elective E206 SPR16


Career Transition


  • Accelerated Development Programme TGM152 13-25 September 2015

  • Accelerated Development Programme TGM153 29 November-11 December 2015

  • Accelerated Development Programme TGM161 3-15 April 2016

Assistant

Contact Andrea Koltai

Email: akoltai@london.edu

Tel: +44 (0)20 7000 8123


Research Interests

  • Financial reporting in capital markets and market efficiency