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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117569
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/117569


    Title: Earnings Management and the Long-Run Underperformance of Firms Following Convertible Bond Offers
    Authors: 陳聖賢
    Chou, De-Wai
    Wang, C. Edward
    Chen, Sheng-Syan
    Tsai, Sandra
    Contributors: 財管系
    Keywords: convertibles bond;earnings management;accounting accruals;long-run performance
    Date: 2009
    Issue Date: 2018-06-11 18:04:02 (UTC+8)
    Abstract: This paper examines whether the long-run underperformance of convertible bond issuers can be explained by earnings management, as reflected in discretionary current accruals
    around the time of the offer. Consistent with the earnings management hypothesis, we find that convertible issuers who adjust their discretionary current accruals to report higher net income
    in the issue year will generally experience inferior operating and stock return performance over the five-year post-issue period. Our findings indicate that there is some temporary overvaluation
    of convertible issuers by the stock market, but that the resultant disappointed investors will subsequently correct their valuation errors. The similarity of our results to those reported within
    the prior literature on initial public offers (IPOs) and seasoned equity offers (SEOs) suggests that the earnings management hypothesis is not unique to stock offers, but that it actually extends to
    convertible bond offers.
    Relation: Journal of Business Finance and Accounting, Vol.36, No.1&2, pp.73-98
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1111/j.1468-5957.2008.02120.x
    DOI: 10.1111/j.1468-5957.2008.02120.x
    Appears in Collections:[財務管理學系] 期刊論文

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