Do firms manipulate earnings before accelerated share repurchases?

被引：7
|
作者：
Chiu, Yung-Chin [1 ]
Liang, Woan-lih [2 ]
机构：
[1] Yuan Ze Univ, Coll Management, Taoyuan, Taiwan
[2] Natl Chiao Tung Univ, Dept Informat Management & Finance, Hsinchu 300, Taiwan
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2015年 / 37卷
关键词：
Accelerated share repurchases; Open market repurchases; Earnings management; Sarbanes-Oxley Act; SEASONED EQUITY OFFERINGS; INITIAL PUBLIC OFFERINGS; ABNORMAL STOCK RETURNS; OVERVALUED EQUITY; CAPITAL STRUCTURE; MANAGEMENT; PERFORMANCE; INFORMATION; INVESTMENT; ACCRUALS;
D O I：
10.1016/j.iref.2014.11.015
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates whether firms engaging in accelerated share repurchases (ASRs) conduct downward earnings management prior to repurchase announcements. The 'commitment' and high 'speed' of share repurchases in ASRs appear to give ASR firms stronger incentive to deflate the pre-repurchase earnings than open market repurchase (OMR) firms, in order to reduce repurchase costs. However, in contrast to the OMRs of Gong, Louis, and Sun (2008), we do not find such earnings management for ASR firms. We conjecture that the Sarbanes-Oxley Act and greater public attention to financial reporting after financial scandals reduce the likelihood that ASR firms adopt accrual-based earnings management. (C) 2014 Elsevier Inc. All rights reserved.
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页码：86 / 95
页数：10
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