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| Tekijä: | Teoh, S. H. Welch, I. Wong, T. J. |
| Otsikko: | Earnings management and the underperformance of seasoned equity offerings. |
| Lehti: | Journal of Financial Economics
1998 : OCT, VOL. 50:1, p 63-99 |
| Asiasana: | Corporate finance Market efficiency Cash management Bookkeeping |
| Kieli: | eng |
| Tiivistelmä: | The authors find that issuers who adjust discretionary current accruals to report higher net income prior to the offering have lower post-issue long-run abnormal stock returns and net income. The relation between discretionary current accruals and future returns (adjusted for firm size and book-to-market ratio) is stronger and more persistent for seasoned equity issuers than for non-issuers. The evidence is consistent with investors naively extrapolating pre-issue earnings without fully adjusting for the potential manipulation of reported earnings. |
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