Detail Essays relating to equity offerings and earnings management Bibliografi Author: Shivakumar, Lakshmanan ; Masulis, Ronald (Advisor) Topik: BUSINESS ADMINISTRATION; MANAGEMENT|BUSINESS ADMINISTRATION; ACCOUNTING|ECONOMICS; FINANCE Bahasa: (EN )    ISBN: 0-591-06676-9     Penerbit: Vanderbilt University     Tahun Terbit: 1996     Jenis: Theses - Dissertation Fulltext: 9700468.pdf (0.0B; 6 download) Abstract This dissertation consists of three essays. The first essay titled 'Earnings Management Around Seasoned Equity Offerings', examines whether managers manipulate earnings around seasoned equity offerings. Consistent with earnings management, the firms making equity offerings are found to have temporarily high earnings around offering periods. Further, these temporary increases in earnings are shown to be primarily driven by abnormally high accruals around the offering period. Furthermore, the abnormal accruals before the offering are shown to be related to the incentives and abilities of managers to overstate earnings. Finally, this essay shows that the extent of earnings management before an offering announcement can explain a portion of the average negative market reaction to the offering announcement. The second essay, titled 'Estimating Abnormal Accruals for Detection of Earnings Management,' addresses certain methodological issues that arise in research aimed at detecting earnings management. This essay develops a model for estimating abnormal accruals that is better specified and more powerful than the currently popular cross-sectional Jones model. This model is used in the first essay of my dissertation to estimate abnormal accruals around seasoned equity offerings. Finally, this study examines the limitations of the accrual models that are examined by Dechow, Sloan and Sweeny (Accounting Review, 1995). The third essay of my dissertation is titled 'Intraday market response to equity offering announcements: A NYSE/AMEX-NASDAQ comparison'. This essay compares the price adjustment process following both overnight and daytime equity offering announcements on NYSE/AMEX with the price adjustment process on NASDAQ. The price adjustment on NYSE/AMEX is demonstrated to be slower than on NASDAQ. Further, evidence is provided to show that the slower reaction of NYSE/AMEX firms can be attributed to stale limit orders and the uptick rule on NYSE/AMEX. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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