Henry, Darren
[VerfasserIn]
;
Bhuiyan, Md. Hamid Ullah
[Sonstige Person, Familie und Körperschaft]
Real Earnings Management (REM) and Accrual Earnings Management (AEM) Around Seasoned Equity Offerings (SEOs) in Australia and Subsequent Operating Earnings Performance
Sie können Bookmarks mittels Listen verwalten, loggen Sie sich dafür bitte in Ihr SLUB Benutzerkonto ein.
Medientyp:
E-Book
Titel:
Real Earnings Management (REM) and Accrual Earnings Management (AEM) Around Seasoned Equity Offerings (SEOs) in Australia and Subsequent Operating Earnings Performance
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 17, 2013 erstellt
Beschreibung:
The paper examines the existence of real earnings management (REM) and accrual earnings management (AEM) around seasoned equity offerings (SEOs) undertaken by Australian firms. We also investigate the subsequent operating earnings performance of the SEO firms that engaged in earnings manipulation and undertake SEOs. Prior studies document the presence of earnings management using univariate tests; however, we provide the first evidence employing both univariate and multivariate tests of the existence and consequences of REM and AEM around the SEOs. We find that managers of Australian SEO firms tend to engage in REM and AEM in the SEO-years, and earnings management activity is greater in these years relative to non-SEO firms and in comparison to the non-issuing years of SEO firms. In addition, consistent with prior evidence, we find that SEO firms performs substantially negatively in the post-SEO period, and SEO firms that engaged in REM and/or AEM underperform significantly those that don't in the post-offering period. However, we document a non-linear earnings management effect, with SEO firms that engaged in greater levels of REM and undertake SEOs having significantly higher subsequent operating performance