haku: @author Louis, H. / yhteensä: 6
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| Tekijä: | Gong, G. Louis, H. Sun, A.X. |
| Otsikko: | Earnings management, lawsuits, and stock-for-stock acquirers' market performance |
| Lehti: | Journal of Accounting & Economics
2008 : SEP, VOL. 46:1, p. 62-77 |
| Asiasana: | stocks mergers earnings lawsuits market efficiency |
| Kieli: | eng |
| Tiivistelmä: | A positive association exists between stock-for-stock acquirers' pre-merger abnormal accruals and post-merger announcement lawsuits. The market only partially expects the effects of post-merger announcement lawsuits at the merger announcement and the post-merger announcement long-term market underperformance is largerly limited to litigated acquisitions. The evidence in this study presents that it is important that investors not only undo the direct stock price effects of earnings management but also factor the contingent legal costs associated with earnings management. |
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