David Citron

David Citron read Economics at Cambridge and then qualified as a chartered accountant. Prior to joining Cass in 1986 he worked first as a professional accountant and then in commercial banking, corporate financial management and consulting in the UK, Israel and Canada. While at Cass he taught accounting and financial reporting. He has published widely in the fields of financial reporting, auditor independence and corporate distress. He has also acted as consultant to major City firms and served on the ICAEW’s Learning and Professional Development Board.

Qualifications

MA (Cantab), MSc (London), MBA (McGill) and PhD (City).

Visiting Appointments

Senior Academic Visitor, Judge Business School, University of Cambridge, Oct 1998 – Jun 1999

Memberships of Professional Organisations

Fellow, Institute of Chartered Accountants in England & Wales, Oct 1970 – present

Expertise

Primary Topics

• Accounting
• Accounting Standards
• Auditing
• Financial Accounting

Additional Topics

Bankruptcy & Liquidation

Industries/Professions

• accountancy firms
• biotechnology

Research Topics

Financial reporting standards

Comparing alternative accounting methods. Is disclosure equivalent to recognition? The role of narrative reporting

Auditor independence and audit going-concern disclosures

The information provided to the capital markets by modified audit reports and related independence issues

Corporate insolvency

The costs of distress. Creditor recovery rates. Corporate restructuring in emerging markets.

IPO earnings forecasts

Accuracy of earnings forecast

Chapters (5)

• Citron, D., Wright, M., Ball, R. and Rippington, F. (2008). Secured Creditor Recovery Rates from Management Buy-Outs in Distress. In Wright, M. and Bruining, H. (Eds.), Private Equity and Management Buy-outs (pp. 471–498). Cheltenham, U.K. and Northampton, Mass.: Elgar.
• Citron, D. (2005). Deferred Taxation. In Colin Clubb, (Ed.), The Blackwell Encyclopedia of Management (pp. 153–157). Blackwell Publishing. ISBN 0-631-23317-2.
• Citron, D. and Wright, M. (2005). Recovery Rates from Distressed Management Buy-Outs. In Altman, E., Resti, A. and Sironi, A. (Eds.), 'Recovery Risk: The Next Challenge in Credit Risk Management' (pp. 165–182). Risk Books.
• Citron, D., Wright, M., Robbie, K., Bruining, H. and Herst, A. (1999). Loan Covenants, Relationship Banking and MBOs in Default - a comparative study of the UK and Holland. In Wright, M. and Robbie, K. (Eds.), MBOs and Venture Capital - Into the Next Millennium Cheltenham: Edward Elgar. ISBN 978-1-85898-999-0.
• Citron, D. and Taffler, R. (1997). Predicting Corporate Insolvency by Computer. In Burt Edwards, (Ed.), Credit Management Handbook (pp. 118–124). Aldershot: Gower.

Journal Articles (21)

• Kam, A., Citron, D. and Muradoglu, G. (2010). Financial distress resolution in China – two case studies. Qualitative Research in Financial Markets, 2(2), pp. 46–79. doi:10.1108/17554171011053667.
• Al Jifri, K. and Citron, D. (2009). The value-relevance of financial statement recognition versus note disclosure: Evidence from goodwill accounting. European Accounting Review, 18(1), pp. 123–140. doi:10.1080/09638180802324351.
• Citron, D., Cressy, R. and Gerard, X. (2009). Prospectus forecast publication and forecast errors: The role of venture capitalist certification. Venture Capital, 11(2), pp. 87–105. doi:10.1080/13691060802525296.
• Magena, M., Kinman, R. and Citron, D. (2008). Investment analysts’ perception of disclosure in UK interim financial reports. Journal of Applied Accounting Research, 8(3), pp. 146–185. doi:10.1108/96754260880001057.
• Kam, A., Citron, D. and Muradoglu, G. (2008). Distress and restructuring in China: Does ownership matter? China Economic Review, 19(4), pp. 567–579. doi:10.1016/j.chieco.2008.07.002.
• Citron, D. and Wright, M. (2008). Bankruptcy costs, leverage and multiple secured creditors: the case of management buy-outs. Accounting and Business Research, 38(1), pp. 71–89.
• Citron, D.B., Taffler, R.J. and Uang, J.Y. (2008). Delays in reporting price-sensitive information: The case of going concern. Journal of Accounting and Public Policy, 27(1), pp. 19–37. doi:10.1016/j.jaccpubpol.2007.11.003.
• Uang, J.Y., Citron, D.B., Sudarsanam, S. and Taffler, R.J. (2006). Management going-concern disclosures: Impact of corporate governance and auditor reputation. European Financial Management, 12(5), pp. 789–816. doi:10.1111/j.1468-036X.2006.00277.x.
• Citron, D. (2005). Book review of 'A Comparative Analysis of Auditor Independence in Economies in Transition'. Corporate Governance: An International Review, 13(4), pp. 551–560.
• Citron, D.B. and Taffler, R.J. (2004). The Comparative Impact of an Audit Report Standard and an Audit Going‐Concern Standard on Going‐Concern Disclosure Rates. AUDITING: A Journal of Practice & Theory, 23(2), pp. 119–130. doi:10.2308/aud.2004.23.2.119.
• Citron, D., Selim, G., Holden, J. and Okur, F. (2004). Accounting for Intangibles. IFRS Direct .
• Citron, D., Wright, M., Ball, R. and Rippington, F. (2003). Secured Creditor Recovery Rates from Management Buy-outs in Distress. European Financial Management, 9(2), pp. 141–161. doi:10.1111/1468-036X.00213.
• Citron, D.B. (2003). The UK's framework approach to auditor independence and the commercialization of the accounting profession. Accounting, Auditing & Accountability Journal, 16(2), pp. 244–274. doi:10.1108/09513570310472067.
• Citron, D.B. and Manalis, G. (2001). The international firms as new entrants to the statutory audit market: an empirical analysis of auditor selection in Greece, 1993 to 1997. European Accounting Review, 10(3), pp. 439–459. doi:10.1080/09638180120081553.
• Citron, D. and Taffler, R. (2001). Ethical Behaviour in the UK Audit Profession: The Case of the Self-Fulfilling Prophecy Under Going-Concern Uncertainties. Journal of Business Ethics, 29(4), pp. 353–363. doi:10.1023/A:1010752209148.
• Citron, D.B. (2001). The Valuation of Deferred Taxation: Evidence from the UK Partial Provision Approach. Journal of Business Finance and Accounting, 28(7/8), pp. 821–852.
• Citron, D., Robbie, K. and Wright, M. (1997). Loan Covenants and Relationship Banking in MBOs. Accounting and Business Research, 27(4), pp. 277–294. doi:10.1080/00014788.1997.9729554.
• Citron, D.B. (1995). The Incidence of Accounting-based Covenants in UK Public Debt Contracts: An Empirical Analysis. Accounting and Business Research, 25(99), pp. 139–150. doi:10.1080/00014788.1995.9729937.
• Citron, D.B. (1992). Accounting Measurement Rules in UK Bank Loan Contracts. Accounting and Business Research, 23(89), pp. 21–30. doi:10.1080/00014788.1992.9729857.
• Citron, D.B. (1992). Financial Ratio Covenants in UK Bank Loan Contracts and Accounting Policy Choice. Accounting and Business Research, 22(88), pp. 322–335. doi:10.1080/00014788.1992.9729448.
• Citron, D.B. and Taffler, R.J. (1992). The Audit Report under Going Concern Uncertainties: An Empirical Analysis. Accounting and Business Research, 22(88), pp. 337–345. doi:10.1080/00014788.1992.9729449

Course Directorship

• 2001 - 2006, MSc Finance, Director & Admissions Tutor
• 1989 - 1991, BSc Business Studies, Director

Editorial Activity

British Accounting Review, Member of Editorial Board, 2005 – 2008.