haku: @author Shivakumar, L. / yhteensä: 6
viite: 5 / 6
| Tekijä: | Shivakumar, L. |
| Otsikko: | Do firms mislead investors by overstating earnings before seasoned equity offerings? |
| Lehti: | Journal of Accounting & Economics
2000 : JUN, VOL. 29:3, p. 339-372 |
| Asiasana: | CORPORATE FINANCE EARNINGS MANAGEMENT |
| Kieli: | eng |
| Tiivistelmä: | The author examines earnings management around seasoned equity offerings and, consistent with Rangan and Teoh find evidence of earnings management around the offerings. However, in contrast to their conclusions, the author shows that investors infer earnings management and rationally undo its effects at equity offering announcements. The investor naivete conclusion of Teoh and Rangan appears to be due to test misspecification. The author concludes that seasoned equity issuers' earnings management may not be designed to mislead investors, but may merely reflect the issuers' rational response to anticipated market behaviour at offering announcements. |
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