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題名 財務報表重編與賣空關聯性之研究
A Study of the Relationship between Financial Restatements and Short Selling作者 陳冠宇
Chen, Kuan-Yu貢獻者 戚務君
Chi, Wu Chun
陳冠宇
Chen, Kuan-Yu關鍵詞 財務報表重編
重編特質
賣空
異常賣空
觸發事件
Financial restatement
Restatement characteristics
Short selling
Abnormal short selling
Triggering events日期 2022 上傳時間 1-Jul-2022 16:04:03 (UTC+8) 摘要 本研究旨在探討台灣上市櫃公司財務報表重編與賣空之關聯性，並檢驗賣空者是否有興趣識別即將揭露財務報表重編的公司。以下條列本論文的主要研究貢獻，首先，本文發現在台灣之資本市場下，財務報表重編同樣會影響賣空者之行為。其次，當財務報表重編問題嚴重時，賣空者會在首次公告財務報表重編前積累賣空。最後，本文證實賣空的積累主要是透過使用私人資訊而不是公開資訊，這表明賣空者的交易包含對即將到來的財務報表重編之增額預測能力。
In this study we investigate the association between short selling and financial restatements. Using a sample of Taiwanese listed companies that restate their financial statements and a matched sample of nonrestating companies from the period 2009–2020, we document several findings. First, this study finds that in Taiwan`s capital market, financial restatement also affects short sellers` behavior. Second, when the restatement problem is severe, short sellers accumulate short selling before the first announcement of the restatement of financial statements. Finally, this study confirms that short selling is accumulated mainly through the use of private information rather than public information, revealing that short sellers` transactions include the ability to forecast the increase in upcoming financial statement restatements.參考文獻 周玲臺、王雅芳與林家駿，2017，財務報表重編與審計公費，會計評論，第65期：83-116。Agrawal, A., and S. Chadha. 2005. Corporate governance and accounting scandals. The The Journal of Law and Economics 48 (2): 371–406.Agrawal, A., and T. Cooper. 2015. Insider trading before accounting scandals. Journal of Corporate Finance 34: 169–190.Akbas, F., E. Boehmer, B. Erturk, and S. Sorescu. 2017. Short interest, returns, and unfavorable fundamental information. Financial Management 46(2): 455–486.Anderson, R. C., D. M. Reeb, and W. Zhao. 2012. Family‐controlled firms and informed trading: Evidence from short sales. The Journal of Finance 67(1): 351–385.Arthaud-Day, M. L., S. T. Certo, C. M. Dalton, and D. R. Dalton. 2006. A changing of the guard: Executive and director turnover following corporate financial restatements. Academy of Management Journal 49 (6): 1119-1136.Asquith, P., P. A. Pathak, and J. R. Ritter. 2005. Short interest, institutional ownership, and stock returns. Journal of Financial Economics 78 (2): 243-276.Bens, D. A., T. H. Goodman, and M. Neamtiu. 2012. Does investment-related pressure lead to misreporting? An analysis of reporting following m&a transactions. The Accounting Review 87 (3): 839-865.Berkman, H., M. D. McKenzie, and P. Verwijmeren. 2016. Hole in the wall: Informed short selling ahead of private placements. Review of Finance 21(3): 1047–1091.Boehmer, E., C. M. Jones, and X. Zhang. 2008. Which shorts are informed? Journal of Finance 63(2): 491-527.Chakrabarty, B., and A. Shkilko. 2013. Information transfers and learning in financial markets: Evidence from short selling around insider sales. Journal of Banking & Finance 37 (5): 1560–1572.Chen, K. Y., R. J. Elder, and S. Hung. 2014. Do Post-Restatement Firms Care About Financial Credibility? Evidence from the Pre-And Post-SOX Eras. Journal of Accounting and Public Policy 33 (2):107-126.Chen, H., Y. Chen, B. Lin, and Y Wang. 2019. Can short selling improve internal control? An empirical study based on the difference-in-differences model. Accounting and Finance 58 (5):1233-1259.Cheng, L. Y., Z. Yan, Y. Zhao, and W. F. Chang. 2012. Short selling activity, price efficiency and fundamental value of IPO stocks. Pacific-Basin Finance Journal 20 (5): 809–824.Cheng, Q., and T. D. Warfield. 2005. Equity incentives and earnings management. The Accounting Review 80 (2): 441–476.Christensen, B. E., S. M. Glover, T. C. Omer, and M. K. Shelley. 2016. Understanding audit quality: Insights from audit professionals and investors. Contemporary Accounting Research 33 (4): 1648-1684.Christophe, S. E., M. G. Ferri, and J. Hsieh. 2010. Informed trading before analyst downgrades: Evidence from short sellers. Journal of Financial Economics 95(1): 85–106.Christophe, S. E., M. G. Ferri, and J. J. Angel. 2004. Short-selling prior to earnings announcements. Journal of Finance 59 (4): 1845-1875.Dechow, P. M., A. P. Hutton, L. Meulbroek, and R. G. Sloan. 2001. Short-sellers, fundamental analysis and stock returns. Journal of Financial Economics 61 (1): 77-106.Dechow, P. M., R. G. Sloan, and A. P. Sweeney. 1996. Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13 (1): 1–36.Dechow, P. M., W. Ge, C. R. Larson, and R. G. Sloan. 2011. Predicting material accounting misstatements. Contemporary Accounting Research 28 (1): 17-82.Desai, H., C. E. Hogan, and M. S. Wilkins. 2006. The reputational penalty for aggressive accounting: Earnings restatements and management turnover. The Accounting Review 81 (1): 83-112.Desai, H., K. Ramesh, S. R. Thaigarajan, and V. Balachandran. 2002. An investigation of the information role of short interest in the NASDAQ market. Journal of Finance 57 (5): 2263-2287.Desai, H., S. Krishnamurthy, and K. Venkataraman. 2006. Do short sellers target firms with poor earnings quality? Evidence from earnings restatements. Review of Accounting Studies 11 (1): 71–90.Drake, M. S., L. Rees, and E. P. Swanson. 2011. Should investors follow the prophets or the bears? Evidence on the use of public information by analysts and short sellers. The Accounting Review 86 (1): 101–130.Elayan, F. A., J. Li, and T. O. Meyer. 2008. Accounting irregularities, management compensation structure and information asymmetry. Accounting and Finance 48 (5): 741-760.Engelberg, J. E., A. V. Reed, and M. C. Ringgenberg. 2012. How are shorts informed? Short sellers, news, and information processing. Journal of Financial Economics 105(2): 260–278.Fama, E. F., and K. R. French. 1997. Industry costs of equity. Journal of Financial Economics 43 (2): 153– 193.Fang, V. W., A. H. Huang, and J. M. Karpoff. 2016. Short selling and earnings management: A controlled experiment. Journal of Finance 71 (3): 1251-1294.Feng, M., W. Ge, S. Luo, and T. Shevlin. 2011. Why do CFOs become involved in material accounting manipulations? Journal of Accounting and Economics 51 (1-2): 21–36.Francis, J. R., and M. Yu. 2009. The effect of Big 4 office size on audit quality. The Accounting Review 84 (5): 1521–1552.Francis, J. R., P. N. Michas, and M. D. Yu. 2013. Office size of Big 4 auditors and client restatements. Contemporary Accounting Research 30 (4): 1626-1661.Griffin, P. 2003. A league of their own? Financial analysts’ responses to restatements and corrective disclosures. Journal of Accounting, Auditing & Finance 18 (4): 479-518.Hasnan, S., M. H. M. Razali, and A. R. M. Hussain. 2020. The effect of corporate governance and firm-specific characteristics on the incidence of financial restatement. Journal of Financial Crime 28(1): 244-267.Hennes, K. M., A. J. Leone, and B. P. Miller. 2008. The Importance of Distinguishing Errors from Irregularities in Restatement Research: The Case of Restatements and CEO/Cfo Turnover. The Accounting Review 83 (6): 1487-1519.Hou, D., Q. Meng, and K. C. Chan. 2021. Does short selling reduce analysts’ optimism bias in earnings forecasts? Research in International Business and Finance 56: 1-16.Jiang H., A. Habib and M. M. Hasan. 2022. Short Selling: A Review of the Literature and Implications for Future Research. European Accounting Review 31 (1): 1–31.Karpoff, J. M., and X. Lou. 2010. Short sellers and financial misconduct. Journal of Finance 65 (5): 1879- 1913.Kedia, S., and T. Philippon. 2009. The economics of fraudulent accounting. Review of Financial Studies 22 (6): 2169-2199.Khan, M., and H. Lu. 2013. Do short sellers front-run insider sales? The Accounting Review, 88 (5): 1743–1768.Kinney, W. R., and L. S. McDaniel. 1989. Characteristics of firms correcting previously reported quarterly earnings. Journal of Accounting and Economics 11 (1): 71-93.Land, J. K. 2010. CEO turnover around earnings restatements and fraud. Pacific Accounting Review 22 (3): 180-198.Liu, M., T. Ma, and Y. Zhang. 2012. Are short sellers informed? Evidence from the 2007-2008 subprime mortgage crisis. The Financial Review 47 (1): 199-218.Ljungqvist, A., and W. Qian. 2016. How constraining are limits to arbitrage? Review of Financial Studies 29 (8): 1975-2028Massoud, N., D. Nandy, A. Saunders, and K. Song. 2011. Do hedge funds trade on private information? Evidence from syndicated lending and short-selling. Journal of Financial Economics 99 (3): 477–499.Mai, W., and N. I. N. b. A. Hamid. 2021. Short-Selling and Financial Performance of SMEs in China: The Mediating Role of CSR Performance. International Journal of Financial Studies 9 (2): 1-16.Nagel, S. 2005. Short sales, institutional investors and the cross-section of stock returns. Journal of Financial Economics 78 (2): 277-309.Newton, N. J., D. Wang, and M. S. Wilkins. 2013. Does a lack of choice lead to lower quality? Evidence from auditor competition and client restatements. Auditing: A Journal of Practice & Theory 32 (3): 31-67.Ozbas, O. 2008. Corporate fraud and real investment. Available at SSRN: https://ssrn.com/abstract=891450 or http://dx.doi.org/10.2139/ssrn.891450.Palmrose, Z. and S. Scholz. 2004. The circumstances and legal consequences of non-GAAP reporting: Evidence from restatements. Contemporary Accounting Research 21 (1): 139-180.Palmrose, Z., V. J. Richardson, and S. Susan. 2004. Determinants of market reactions to restatement announcements. Journal of Accounting and Economics 37 (1): 59–89.Park, K. 2017. Earnings quality and short selling: Evidence from real earnings management in the United States. Journal of Business Finance and Accounting 44(9–10): 1214–1240.Perino, M. 2012. Institutional activism through litigation: An empirical analysis of public pension fund participation in securities class actions. Journal of Empirical Legal Studies 9 (2):368-392.Pomeroy, B., and D. B. Thornton. 2008. Meta-analysis and the accounting literature: The case of audit committee independence and financial reporting quality. European Accounting Review 17 (2): 305-330.Singer, Z., Y. Wang, and J. Zhang. 2018. Can short sellers detect internal control material weaknesses? Evidence from Section 404 of the Sarbanes–Oxley Act. Journal of Accounting Auditing and Finance (April): 1-36.Sutrisno, P., and A. Karmudiandr. 2020. CEO overconfidence, founder & restatement of financial reporting. International Journal of Business, Economics and Law 23 (1):193-198.Yu, M. D., Y. Cheng, and B. Bird. 2018. Analyst forecasts around restatement announcements. Journal of Accounting and Finance 18 (1): 117-132. 描述 碩士
國立政治大學
會計學系
109353016資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353016 資料類型 thesis dc.contributor.advisor 戚務君 zh_TW dc.contributor.advisor Chi, Wu Chun en_US dc.contributor.author (Authors) 陳冠宇 zh_TW dc.contributor.author (Authors) Chen, Kuan-Yu en_US dc.creator (作者) 陳冠宇 zh_TW dc.creator (作者) Chen, Kuan-Yu en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Jul-2022 16:04:03 (UTC+8) - dc.date.available 1-Jul-2022 16:04:03 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2022 16:04:03 (UTC+8) - dc.identifier (Other Identifiers) G0109353016 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140573 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 109353016 zh_TW dc.description.abstract (摘要) 本研究旨在探討台灣上市櫃公司財務報表重編與賣空之關聯性，並檢驗賣空者是否有興趣識別即將揭露財務報表重編的公司。以下條列本論文的主要研究貢獻，首先，本文發現在台灣之資本市場下，財務報表重編同樣會影響賣空者之行為。其次，當財務報表重編問題嚴重時，賣空者會在首次公告財務報表重編前積累賣空。最後，本文證實賣空的積累主要是透過使用私人資訊而不是公開資訊，這表明賣空者的交易包含對即將到來的財務報表重編之增額預測能力。 zh_TW dc.description.abstract (摘要) In this study we investigate the association between short selling and financial restatements. Using a sample of Taiwanese listed companies that restate their financial statements and a matched sample of nonrestating companies from the period 2009–2020, we document several findings. First, this study finds that in Taiwan`s capital market, financial restatement also affects short sellers` behavior. Second, when the restatement problem is severe, short sellers accumulate short selling before the first announcement of the restatement of financial statements. Finally, this study confirms that short selling is accumulated mainly through the use of private information rather than public information, revealing that short sellers` transactions include the ability to forecast the increase in upcoming financial statement restatements. en_US dc.description.tableofcontents 目錄壹、前言 1貳、文獻回顧與假說發展 3一、賣空者與賣空 3二、財務報表重編之意義 4三、財務報表重編與賣空 5參、研究方法 6一、樣本選取和資料來源 6二、變數衡量和實證模型 91. 財務報表重編 92. 賣空和異常賣空 103. 實證模型 11肆、實證結果分析 12一、敘述性統計和相關係數 12二、實證結果 161. 檢測H1—賣空與重編 162. 檢測H2—賣空與重編嚴重程度 16三、額外測試 20四、敏感性分析 23伍、結論與建議 26參考文獻 27 zh_TW dc.format.extent 1641619 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353016 en_US dc.subject (關鍵詞) 財務報表重編 zh_TW dc.subject (關鍵詞) 重編特質 zh_TW dc.subject (關鍵詞) 賣空 zh_TW dc.subject (關鍵詞) 異常賣空 zh_TW dc.subject (關鍵詞) 觸發事件 zh_TW dc.subject (關鍵詞) Financial restatement en_US dc.subject (關鍵詞) Restatement characteristics en_US dc.subject (關鍵詞) Short selling en_US dc.subject (關鍵詞) Abnormal short selling en_US dc.subject (關鍵詞) Triggering events en_US dc.title (題名) 財務報表重編與賣空關聯性之研究 zh_TW dc.title (題名) A Study of the Relationship between Financial Restatements and Short Selling en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 周玲臺、王雅芳與林家駿，2017，財務報表重編與審計公費，會計評論，第65期：83-116。Agrawal, A., and S. Chadha. 2005. Corporate governance and accounting scandals. The The Journal of Law and Economics 48 (2): 371–406.Agrawal, A., and T. Cooper. 2015. Insider trading before accounting scandals. Journal of Corporate Finance 34: 169–190.Akbas, F., E. Boehmer, B. Erturk, and S. Sorescu. 2017. Short interest, returns, and unfavorable fundamental information. Financial Management 46(2): 455–486.Anderson, R. C., D. M. Reeb, and W. Zhao. 2012. Family‐controlled firms and informed trading: Evidence from short sales. The Journal of Finance 67(1): 351–385.Arthaud-Day, M. L., S. T. Certo, C. M. Dalton, and D. R. Dalton. 2006. A changing of the guard: Executive and director turnover following corporate financial restatements. Academy of Management Journal 49 (6): 1119-1136.Asquith, P., P. A. Pathak, and J. R. Ritter. 2005. Short interest, institutional ownership, and stock returns. Journal of Financial Economics 78 (2): 243-276.Bens, D. A., T. H. Goodman, and M. Neamtiu. 2012. Does investment-related pressure lead to misreporting? An analysis of reporting following m&a transactions. The Accounting Review 87 (3): 839-865.Berkman, H., M. D. McKenzie, and P. Verwijmeren. 2016. Hole in the wall: Informed short selling ahead of private placements. Review of Finance 21(3): 1047–1091.Boehmer, E., C. M. Jones, and X. Zhang. 2008. Which shorts are informed? Journal of Finance 63(2): 491-527.Chakrabarty, B., and A. Shkilko. 2013. Information transfers and learning in financial markets: Evidence from short selling around insider sales. Journal of Banking & Finance 37 (5): 1560–1572.Chen, K. Y., R. J. Elder, and S. Hung. 2014. Do Post-Restatement Firms Care About Financial Credibility? Evidence from the Pre-And Post-SOX Eras. Journal of Accounting and Public Policy 33 (2):107-126.Chen, H., Y. Chen, B. Lin, and Y Wang. 2019. Can short selling improve internal control? An empirical study based on the difference-in-differences model. Accounting and Finance 58 (5):1233-1259.Cheng, L. Y., Z. Yan, Y. Zhao, and W. F. Chang. 2012. Short selling activity, price efficiency and fundamental value of IPO stocks. Pacific-Basin Finance Journal 20 (5): 809–824.Cheng, Q., and T. D. Warfield. 2005. Equity incentives and earnings management. The Accounting Review 80 (2): 441–476.Christensen, B. E., S. M. Glover, T. C. Omer, and M. K. Shelley. 2016. Understanding audit quality: Insights from audit professionals and investors. Contemporary Accounting Research 33 (4): 1648-1684.Christophe, S. E., M. G. Ferri, and J. Hsieh. 2010. Informed trading before analyst downgrades: Evidence from short sellers. Journal of Financial Economics 95(1): 85–106.Christophe, S. E., M. G. Ferri, and J. J. Angel. 2004. Short-selling prior to earnings announcements. Journal of Finance 59 (4): 1845-1875.Dechow, P. M., A. P. Hutton, L. Meulbroek, and R. G. Sloan. 2001. Short-sellers, fundamental analysis and stock returns. Journal of Financial Economics 61 (1): 77-106.Dechow, P. M., R. G. Sloan, and A. P. Sweeney. 1996. Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13 (1): 1–36.Dechow, P. M., W. Ge, C. R. Larson, and R. G. Sloan. 2011. Predicting material accounting misstatements. Contemporary Accounting Research 28 (1): 17-82.Desai, H., C. E. Hogan, and M. S. Wilkins. 2006. The reputational penalty for aggressive accounting: Earnings restatements and management turnover. The Accounting Review 81 (1): 83-112.Desai, H., K. Ramesh, S. R. Thaigarajan, and V. Balachandran. 2002. An investigation of the information role of short interest in the NASDAQ market. Journal of Finance 57 (5): 2263-2287.Desai, H., S. Krishnamurthy, and K. Venkataraman. 2006. Do short sellers target firms with poor earnings quality? Evidence from earnings restatements. Review of Accounting Studies 11 (1): 71–90.Drake, M. S., L. Rees, and E. P. Swanson. 2011. Should investors follow the prophets or the bears? Evidence on the use of public information by analysts and short sellers. The Accounting Review 86 (1): 101–130.Elayan, F. A., J. Li, and T. O. Meyer. 2008. Accounting irregularities, management compensation structure and information asymmetry. Accounting and Finance 48 (5): 741-760.Engelberg, J. E., A. V. Reed, and M. C. Ringgenberg. 2012. How are shorts informed? Short sellers, news, and information processing. Journal of Financial Economics 105(2): 260–278.Fama, E. F., and K. R. French. 1997. Industry costs of equity. Journal of Financial Economics 43 (2): 153– 193.Fang, V. W., A. H. Huang, and J. M. Karpoff. 2016. Short selling and earnings management: A controlled experiment. Journal of Finance 71 (3): 1251-1294.Feng, M., W. Ge, S. Luo, and T. Shevlin. 2011. Why do CFOs become involved in material accounting manipulations? Journal of Accounting and Economics 51 (1-2): 21–36.Francis, J. R., and M. Yu. 2009. The effect of Big 4 office size on audit quality. The Accounting Review 84 (5): 1521–1552.Francis, J. R., P. N. Michas, and M. D. Yu. 2013. Office size of Big 4 auditors and client restatements. Contemporary Accounting Research 30 (4): 1626-1661.Griffin, P. 2003. A league of their own? Financial analysts’ responses to restatements and corrective disclosures. Journal of Accounting, Auditing & Finance 18 (4): 479-518.Hasnan, S., M. H. M. Razali, and A. R. M. Hussain. 2020. The effect of corporate governance and firm-specific characteristics on the incidence of financial restatement. Journal of Financial Crime 28(1): 244-267.Hennes, K. M., A. J. Leone, and B. P. Miller. 2008. The Importance of Distinguishing Errors from Irregularities in Restatement Research: The Case of Restatements and CEO/Cfo Turnover. The Accounting Review 83 (6): 1487-1519.Hou, D., Q. Meng, and K. C. Chan. 2021. Does short selling reduce analysts’ optimism bias in earnings forecasts? Research in International Business and Finance 56: 1-16.Jiang H., A. Habib and M. M. Hasan. 2022. Short Selling: A Review of the Literature and Implications for Future Research. European Accounting Review 31 (1): 1–31.Karpoff, J. M., and X. Lou. 2010. Short sellers and financial misconduct. Journal of Finance 65 (5): 1879- 1913.Kedia, S., and T. Philippon. 2009. The economics of fraudulent accounting. Review of Financial Studies 22 (6): 2169-2199.Khan, M., and H. Lu. 2013. Do short sellers front-run insider sales? The Accounting Review, 88 (5): 1743–1768.Kinney, W. R., and L. S. McDaniel. 1989. Characteristics of firms correcting previously reported quarterly earnings. Journal of Accounting and Economics 11 (1): 71-93.Land, J. K. 2010. CEO turnover around earnings restatements and fraud. Pacific Accounting Review 22 (3): 180-198.Liu, M., T. Ma, and Y. Zhang. 2012. Are short sellers informed? Evidence from the 2007-2008 subprime mortgage crisis. The Financial Review 47 (1): 199-218.Ljungqvist, A., and W. Qian. 2016. How constraining are limits to arbitrage? Review of Financial Studies 29 (8): 1975-2028Massoud, N., D. Nandy, A. Saunders, and K. Song. 2011. Do hedge funds trade on private information? Evidence from syndicated lending and short-selling. Journal of Financial Economics 99 (3): 477–499.Mai, W., and N. I. N. b. A. Hamid. 2021. Short-Selling and Financial Performance of SMEs in China: The Mediating Role of CSR Performance. International Journal of Financial Studies 9 (2): 1-16.Nagel, S. 2005. Short sales, institutional investors and the cross-section of stock returns. Journal of Financial Economics 78 (2): 277-309.Newton, N. J., D. Wang, and M. S. Wilkins. 2013. Does a lack of choice lead to lower quality? Evidence from auditor competition and client restatements. Auditing: A Journal of Practice & Theory 32 (3): 31-67.Ozbas, O. 2008. Corporate fraud and real investment. Available at SSRN: https://ssrn.com/abstract=891450 or http://dx.doi.org/10.2139/ssrn.891450.Palmrose, Z. and S. Scholz. 2004. The circumstances and legal consequences of non-GAAP reporting: Evidence from restatements. Contemporary Accounting Research 21 (1): 139-180.Palmrose, Z., V. J. Richardson, and S. Susan. 2004. Determinants of market reactions to restatement announcements. Journal of Accounting and Economics 37 (1): 59–89.Park, K. 2017. Earnings quality and short selling: Evidence from real earnings management in the United States. Journal of Business Finance and Accounting 44(9–10): 1214–1240.Perino, M. 2012. Institutional activism through litigation: An empirical analysis of public pension fund participation in securities class actions. Journal of Empirical Legal Studies 9 (2):368-392.Pomeroy, B., and D. B. Thornton. 2008. Meta-analysis and the accounting literature: The case of audit committee independence and financial reporting quality. European Accounting Review 17 (2): 305-330.Singer, Z., Y. Wang, and J. Zhang. 2018. Can short sellers detect internal control material weaknesses? Evidence from Section 404 of the Sarbanes–Oxley Act. Journal of Accounting Auditing and Finance (April): 1-36.Sutrisno, P., and A. Karmudiandr. 2020. CEO overconfidence, founder & restatement of financial reporting. International Journal of Business, Economics and Law 23 (1):193-198.Yu, M. D., Y. Cheng, and B. Bird. 2018. Analyst forecasts around restatement announcements. Journal of Accounting and Finance 18 (1): 117-132. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200668 en_US
