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Every Thursday a business school professor, an expert in his or her field, will define five key terms on FT Lexicon, our online economics, business and finance glossary.

Steven Young has been professor of accounting at Lancaster University Management School since 2008, having previously been a senior lecturer at the business school. He teaches on courses in financial reporting and research methods.

Prof Young’s own research focuses on why firms repurchase their shares and the impact such decisions have on shareholder wealth; the association between corporate governance and firm performance; and the reporting of firm performance.

Prof Young is associate editor of the Journal of Business Finance and Accounting, associate editor of European Accounting Review and an editorial board member of Accounting, Organisations and Society and Accounting and Business Research.

The five terms defined by Steven Young on FT Lexicon this week are:

Conceptual framework

Off-balance sheet financing

Fair value accounting

Earnings management

Comprehensive income

Compiled by Emmanuelle Smith

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