haku: @indexterm signaling / yhteensä: 68
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| Tekijä: | Louis, H. Robinson, D. |
| Otsikko: | Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits |
| Lehti: | Journal of Accounting & Economics
2005 : JUN, VOL 39:2, p. 361-380 |
| Asiasana: | Stock markets Stock splits Signaling Pricing Earnings Managers |
| Kieli: | eng |
| Tiivistelmä: | It is suggested by prior research that managers (hereafter as: mgrs.) use their reporting discretion (here as: discr.) to signal private information (here as: priv-info). However, because mgrs. are often assumed using their discr. to mislead investors, discretionary accruals might be regarded as opportunistic. This study posits that combining the accrual (here as: acr.) signal (here as: sgl./sgls.) with other sgls. may be an effective means of communicating priv-info. One such sgl. is a stock split (here as: s-spl). The s-spl. sgl. lends credibility to the acr. sgl., whereas the acr. sgl. reinforces the split sgl. Accordingly, it is found that at the split announcement, the market construes the pre-split abnormal acr. as a sgl. of managerial optimism rather than managerial opportunism. |
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