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題名 Earnings Management and the Long-Run Underperformance of Firms Following Convertible Bond Offers
作者 陳聖賢
Chou, De-Wai
Wang, C. Edward
Chen, Sheng-Syan
Tsai, Sandra
貢獻者 財管系
關鍵詞 convertibles bond; earnings management; accounting accruals; long-run performance
日期 2009
上傳時間 11-Jun-2018 18:04:02 (UTC+8)
摘要 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.
關聯 Journal of Business Finance and Accounting, Vol.36, No.1&2, pp.73-98
資料類型 article
DOI http://dx.doi.org/10.1111/j.1468-5957.2008.02120.x
dc.contributor 財管系zh_TW
dc.creator (作者) 陳聖賢zh_TW
dc.creator (作者) Chou, De-Waien_US
dc.creator (作者) Wang, C. Edwarden_US
dc.creator (作者) Chen, Sheng-Syanen_US
dc.creator (作者) Tsai, Sandraen_US
dc.date (日期) 2009
dc.date.accessioned 11-Jun-2018 18:04:02 (UTC+8)-
dc.date.available 11-Jun-2018 18:04:02 (UTC+8)-
dc.date.issued (上傳時間) 11-Jun-2018 18:04:02 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/117569-
dc.description.abstract (摘要) 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.		en_US
dc.format.extent 159986 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Journal of Business Finance and Accounting, Vol.36, No.1&2, pp.73-98zh_TW
dc.subject (關鍵詞) convertibles bond; earnings management; accounting accruals; long-run performanceen_US
dc.title (題名) Earnings Management and the Long-Run Underperformance of Firms Following Convertible Bond Offersen_US
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1111/j.1468-5957.2008.02120.x
dc.doi.uri (DOI) http://dx.doi.org/10.1111/j.1468-5957.2008.02120.x