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Articles 31 - 38 of 38
Full-Text Articles in Business
Ethics And Disclosure: A Study Of The Financial Performance Of Firms In The Seasoned Equity Offerings Market, Hoje Jo, Yongtae Kim
Ethics And Disclosure: A Study Of The Financial Performance Of Firms In The Seasoned Equity Offerings Market, Hoje Jo, Yongtae Kim
Accounting
In this article, we examine the association between ethics and disclosure and the impact of this association on the long-term, post-issue performance of seasoned equity offerings (SEOs). We argue that firms with extensive disclosure are less likely to face information problems, and more likely to lead to active shareholder monitoring, and therefore, engage in fewer unethical activities, such as aggressive earnings manipulation, and have better long-term, post-issue performance. Consistent with these predictions, this study presents evidence that disclosure is negatively related to unethical earnings manipulation and positively associated with long-term, post-issue performance. In particular, we find that long-term, post-issue SEO …
Earnings Management And Its Implications, Michael Akers, Don Giacomino, Jodi L. Gissel
Earnings Management And Its Implications, Michael Akers, Don Giacomino, Jodi L. Gissel
Accounting Faculty Research and Publications
In the wake of continuing, highly publicized financial frauds and failures, the accounting profession has placed renewed emphasis on issues related to earnings management and earnings quality. Staff Accounting Bulletin 101, Revenue Recognition in Financial Statements, which was issued in December 1999 in response to the Committee of Sponsoring Organizations of the Treadway Commission report, illustrates the importance of earnings to the SEC. The SEC and the public are demanding greater assurance about the quality of earnings. Notwithstanding the grave threat that abusive earnings-management practices pose to the reliability and accuracy of financial statements, the accounting profession may be reluctant …
Disclosure Frequency And Earnings Management, Hoje Jo, Yongtae Kim
Disclosure Frequency And Earnings Management, Hoje Jo, Yongtae Kim
Accounting
We examine the relation between disclosure frequency and earnings management,and the impact of this relation on post-issue performance, for a sample of seasoned equityofferings (SEOs). We contend that firms with extensive disclosure are less likely to faceinformation problems, leading to less earnings management and better post-issueperformance. Our results confirm that disclosure frequency is inversely related toearnings management and positively associated with post-issue performance. We alsofind that transparency-reducing disclosure is concentrated in firms that substantially, buttemporarily, increase disclosure prior to the offering. Such firms exhibit more earningsmanagement and poorer post-SEO stock performance, on average.JEL classification:G14; G24; G32; M41
Underwriter Choice And Earnings Management: Evidence From Seasoned Equity Offerings, Hoje Jo, Yongtae Kim, Myung Seok Park
Underwriter Choice And Earnings Management: Evidence From Seasoned Equity Offerings, Hoje Jo, Yongtae Kim, Myung Seok Park
Accounting
Using a sample of seasoned equity offerings (SEOs), this paper examines the association between the choice of financial intermediary and earnings management. We contend that with more stringent standards for certification and intense monitoring, highly prestigious underwriters restrict firms' incentives for earnings management to protect their reputation and to avoid potential litigation risks, while firms with greater incentives for earnings management avoid strict monitoring by choosing low-quality underwriters. Consistent with our predictions, we find an inverse association between underwriter quality and issuers' earnings management. In addition, we find that underwriter quality is positively related to SEOs' post-issue performance, even after …
Performance, Growth And Earnings Management, Chi Wen Jevons Lee, Laura Yue Li, Heng Yue
Performance, Growth And Earnings Management, Chi Wen Jevons Lee, Laura Yue Li, Heng Yue
Research Collection School Of Accountancy
We study the relationship between the amount of managed earnings and firms' earnings performance and expected growth in a reporting model, where managers manipulate earnings to influence the valuation of firms' equity while bearing a cost that is increasing and convex in the amount of managed earnings. In the unique revealing equilibrium to the model, firms with higher performance and growth over-report earnings by a larger amount because price responsiveness increases with earnings performance and growth. And earnings quality, defined as the proportion of true economic earnings in total reported earnings, increases with earnings performance but decreases with earnings growth. …
The Association Between Audit Quality And Abnormal Audit Fees, Jong-Hag Choi, Jeong-Bon Kim, Yoonseok Zang
The Association Between Audit Quality And Abnormal Audit Fees, Jong-Hag Choi, Jeong-Bon Kim, Yoonseok Zang
Research Collection School Of Accountancy
Using a sample of 9,820 firm-year observations over the 2000-2003 period, this paper examines whether, and how, audit quality proxied by unsigned discretionary accruals is associated with abnormal audit fees, i.e., actual audit fees in excess of expected, normal audit fees. The results of various regressions reveal that the association between the two is insignificant for the full sample, significantly positive for the subsample of clients with positive abnormal fees, and insignificantly negative for the subsample of clients with negative abnormal fees. The above results suggest that auditors’ incentives to compromise audit quality differ systematically for more profitable clients (with …
The Use Of Loan Loss Provisions For Earnings, Capital Management And Signalling By Australian Banks, Asokan Anandarajan, Iftekhar Hasan, Cornelia Mccarthy
The Use Of Loan Loss Provisions For Earnings, Capital Management And Signalling By Australian Banks, Asokan Anandarajan, Iftekhar Hasan, Cornelia Mccarthy
CRIF Working Paper series
This research is motivated by the fact that there is a paucity of research on the earnings management practices of banks in Australia. Research on the practices of North American, European and Asian banks provided conflicting evidence. In this study, we examine whether Australian banks engage in earnings, capital management and signalling, and, if so, the extent to which loan loss provisions (LLPs) are used for this purpose. Our results indicate that banks in Australia use loan loss provisions to manage earnings. Further, listed commercial banks engage more aggressively in earnings management using LLPs than other banks. We also find …
Pricing Of Seasoned Equity Offers And Earnings Management, Yongtae Kim, Myung Seok Park
Pricing Of Seasoned Equity Offers And Earnings Management, Yongtae Kim, Myung Seok Park
Accounting
This study examines the relationship between earnings management by firms offering seasoned equity issues and the pricing of their offers. We hypothesize that seasoned equity offering (SEO) firms employing aggressive accounting decisions also more aggressively push up their offer prices, thereby leading to a decrease in the degree of underpricing. Consistent with our prediction (the issuer's greed hypothesis), evidence indicates that SEO firms making opportunistic accounting decisions issue new shares at inflated prices. Our findings remain robust after controlling for other determinants of SEO underpricing and the possible endogeneity of pricing and earnings management.