Earnings Management Around Uk Open Offers

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Earnings Management around UK Open Offers

Author : Susanne Espenlaub
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Earnings Management around UK Open Offers by : Susanne Espenlaub

Download or read book Earnings Management around UK Open Offers written by Susanne Espenlaub and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the long run operating and stock price performance of UK open offer firms in the context of the earnings management hypothesis. We find that in the pre-offer period offer firms report significant improvements in their operating performance unrelated to cash flow performance. Results on return performance show that offer firms outperform various benchmarks in the pre-offer year but underperform up to four years after the offer. Regression results show that pre-offer discretionary current accruals predict the long-run post-offer return underperformance but do not predict the short-run reaction to SEO announcements. Our findings are more consistent with the earnings management hypothesis than with either the timing hypothesis or the managerial response hypothesis and suggest that investors do not take full account of the information available at the time of open offers.

Earning Management and Corporate Governance Around UK Rights Issues

Author : Abdullah Iqbal
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Earning Management and Corporate Governance Around UK Rights Issues by : Abdullah Iqbal

Download or read book Earning Management and Corporate Governance Around UK Rights Issues written by Abdullah Iqbal and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the relation between corporate governance and earnings management around UK rights issues. We examine the effect of board structure, ownership structure, adviser structure, and capital structure on discretionary current accruals -- a proxy for earnings management -- for a sample of size-controlled rights issuers. We choose rights issues as a context in which firms have particular incentives to manage earnings. Our results suggest that firms with higher debt to equity ratios, with lower proportions of non-executive directors, or with no large block owner, are more likely to use discretionary current accruals to manipulate earnings around rights issues. Similar research can be conducted around other equity issuing methods such as open offers and around other major corporate events such as initial public offerings. Our evidence contributes to an understanding of corporate governance and has practical implications for stakeholders. It suggests that investors can rely more on the financial disclosures of firms with lower debt to equity ratios, higher proportions of outside directors, and with a large blockholder. Regulators may propose that firms undertaking corporate events such as equity offerings should follow best corporate governance practices to enhance investor confidence. This study is the first to investigate the corporate governance mechanisms in place to check opportunistic earnings management around specific corporate events for the UK market.

Introduction to Earnings Management

Author : Malek El Diri
Publisher : Springer
ISBN 13 : 3319626868
Total Pages : 120 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Introduction to Earnings Management by : Malek El Diri

Download or read book Introduction to Earnings Management written by Malek El Diri and published by Springer. This book was released on 2017-08-20 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides researchers and scholars with a comprehensive and up-to-date analysis of earnings management theory and literature. While it raises new questions for future research, the book can be also helpful to other parties who rely on financial reporting in making decisions like regulators, policy makers, shareholders, investors, and gatekeepers e.g., auditors and analysts. The book summarizes the existing literature and provides insight into new areas of research such as the differences between earnings management, fraud, earnings quality, impression management, and expectation management; the trade-off between earnings management activities; the special measures of earnings management; and the classification of earnings management motives based on a comprehensive theoretical framework.

Handbook of Research on Accounting and Financial Studies

Author : Farinha, Luís
Publisher : IGI Global
ISBN 13 : 1799821374
Total Pages : 487 pages
Book Rating : 4.7/5 (998 download)

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Book Synopsis Handbook of Research on Accounting and Financial Studies by : Farinha, Luís

Download or read book Handbook of Research on Accounting and Financial Studies written by Farinha, Luís and published by IGI Global. This book was released on 2020-03-06 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: The competitive nature of organizations in today’s globalized world has led to the development of various approaches to increasing profitability and maintaining an advantage over rival companies. As technology continues to be integrated into business practices, specifically in the area of accounting and finance, professionals and educators need to be prepared for advancing economic techniques, and they need to maintain a high level of financial literacy. The Handbook of Research on Accounting and Financial Studies is a pivotal reference source that provides vital research on advanced knowledge and emerging business practices and teaching dynamics in the fields of accounting and finance. While highlighting topics such as cost-benefit analysis, risk management, and corporate governance, this publication explores new initiatives in entrepreneurship and performance management. This book is ideally designed for business managers, consultants, entrepreneurs, auditors, tax practitioners, economists, accountants, academicians, researchers, and students seeking current research on modern advancements and recent findings in accounting and financial studies.

Accounting for M&A

Author : Amir Amel-Zadeh
Publisher : Routledge
ISBN 13 : 1000066525
Total Pages : 331 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Accounting for M&A by : Amir Amel-Zadeh

Download or read book Accounting for M&A written by Amir Amel-Zadeh and published by Routledge. This book was released on 2020-04-29 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spending on M&A has, in aggregate, grown so fast that it has even overtaken capital expenditure on increasing and maintaining physical assets. Yet McKinsey, the leading management consultancy, reports that "Anyone who has researched merger success rates knows that roughly 70% fail". The idea that businesses might be using huge and increasing sums of shareholders’ money for an activity that more often than not leads to failure calls into question the information on which M&A decisions are based. This book presents statistical studies, case material, and standard-setters’ opinions on company accounting before, during, and after M&A. It documents the manipulation of annual accounts by acquirers ahead of share for share bids, biased forecasts of post-merger earnings by bidders, and devices to flatter earnings when recording the deal. It explores the challenges for standard-setters in regulating information flows during and after M&A, and for account-users wishing to learn from financial statements how a deal has affected performance. Drawing on a wide range of international examples, this readable book is targeted not just at accounting specialists but at anyone who is comfortable reading the serious financial press, is intrigued by what is going on in the massive M&A market, and is concerned with achieving better-informed M&A. As such it might be of particular interest to business executives, lawyers, bankers, and investors involved in M&A as well as graduate students interested in researching or learning about the role of accounting in M&A.

The Routledge Companion to Financial Accounting Theory

Author : Stewart Jones
Publisher : Routledge
ISBN 13 : 1135107262
Total Pages : 559 pages
Book Rating : 4.1/5 (351 download)

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Book Synopsis The Routledge Companion to Financial Accounting Theory by : Stewart Jones

Download or read book The Routledge Companion to Financial Accounting Theory written by Stewart Jones and published by Routledge. This book was released on 2015-05-22 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial accounting theory has numerous practical applications and policy implications, for instance, international accounting standard setters are increasingly relying on theoretical accounting concepts in the creation of new standards; and corporate regulators are increasingly turning to various conceptual frameworks of accounting to guide regulation and the interpretation of accounting practices. The global financial crisis has also led to a new found appreciation of the social, economic and political importance of accounting concepts generally and corporate financial reporting in particular. For instance, the fundamentals of capital market theory (i.e. market efficiency) and measurement theory (i.e. fair value) have received widespread public and regulatory attention. This comprehensive, authoritative volume provides a prestige reference work which offers students, academics, regulators and practitioners a valuable resource containing the current scholarship and practice in the established field of financial accounting theory.

Comparative Research on Earnings Management, Corporate Governance, and Economic Value

Author : Vieira, Elisabete S.
Publisher : IGI Global
ISBN 13 : 1799875989
Total Pages : 433 pages
Book Rating : 4.7/5 (998 download)

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Book Synopsis Comparative Research on Earnings Management, Corporate Governance, and Economic Value by : Vieira, Elisabete S.

Download or read book Comparative Research on Earnings Management, Corporate Governance, and Economic Value written by Vieira, Elisabete S. and published by IGI Global. This book was released on 2021-02-12 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: New trends are emerging regarding earnings management and corporate governance showing similarities and striking differences in the practices of different countries and economies. These new trends currently shape the field of modern corporate governance with crucial issues being looked at in governance law and practices, accounting systems, earnings quality and management, stakeholder involvement, and more. In order to advance these new avenues in corporate governance, research looks at accounting policies firms use in different opportunistic circumstances in order to manage earnings, the corporate governance practices in different countries, firm performance, and other dimensions of companies. The understanding of these topics is beneficial in understanding the current state of different types of firms and their practices in modern times. Comparative Research on Earnings Management, Corporate Governance, and Economic Value is focused on the investigation of key challenges and perspectives of corporate governance and earnings management and outlines possible scenarios of its development. The chapters explore this new avenue of research and cover theoretical, empirical, and experimental studies related to different themes in the global context of earnings management and corporate governance. This book is ideal for economists, businesses, managers, accountants, practitioners, stakeholders, researchers, academicians, and students who are interested in the current issues and advancements in corporate governance and earnings management.

Datastream Returns and UK Open Offers

Author : Susanne Espenlaub
Publisher :
ISBN 13 :
Total Pages : 19 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Datastream Returns and UK Open Offers by : Susanne Espenlaub

Download or read book Datastream Returns and UK Open Offers written by Susanne Espenlaub and published by . This book was released on 2008 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: We report a fundamental error in Datastream equity data for share prices and return indices relating to a failure to make any capital adjustments for UK open offers before February 2002. We re-examine the findings of Iqbal, Espenlaub, and Strong (2008), correcting for this error. We find that the short-run market reaction to open offers is now significantly positive. However, we confirm that long-run post-offer returns continue to be significantly negative up to a four-year horizon and, most importantly, that pre-issue discretionary current accruals predict the long-run underperformance, in support of the earnings management hypothesis. We continue to find no support for the timing hypothesis or the managerial response hypothesis.

Accrual and Real-based Earnings Management and the Market Performance of UK Acquirers

Author : Talie S. Kassamany
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (892 download)

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Book Synopsis Accrual and Real-based Earnings Management and the Market Performance of UK Acquirers by : Talie S. Kassamany

Download or read book Accrual and Real-based Earnings Management and the Market Performance of UK Acquirers written by Talie S. Kassamany and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Real Earnings Management in UK Private and Public Firms

Author : Jesper Haga
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Real Earnings Management in UK Private and Public Firms by : Jesper Haga

Download or read book Real Earnings Management in UK Private and Public Firms written by Jesper Haga and published by . This book was released on 2018 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes real earnings management among privately held versus publicly listed firms. Our first finding is that public firms engage in more earnings management through operating activities. When a clear incentive to manage earnings in a specific direction is present we continue to find that public firms manage their earnings more than private firms. We reason that capital market pressure and ownership characteristics drive our results. Additional analyses reveal that public firms employ more real earnings management as a proportion of the total earnings management strategy. Furthermore, we find that mitigating factors of real earnings management have stronger impact in public firms. This study contributes to literature on non-accrual earnings management and to the broader understanding about the private vis-à-vis public firm reporting and operating behavior. Finally, we contribute by identifying an important societal cost of stock market listing, which is the increase in potentially value-destroying real earnings management.

Earnings Management Around Financial Sponsor Backed Initial Public Offerings - Theoretical Discussion and Empirical Examination

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis Earnings Management Around Financial Sponsor Backed Initial Public Offerings - Theoretical Discussion and Empirical Examination by :

Download or read book Earnings Management Around Financial Sponsor Backed Initial Public Offerings - Theoretical Discussion and Empirical Examination written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes earnings management around financial sponsor backed initial public offerings. Using a sample of 185 private equity and 267 venture capital backed firms that went public on either the New York Stock Exchange (NYSE) or the National Association of Securities Dealers Automated Quotations (NASDAQ) in the ten years from 2004 to 2013, potential earnings manipulation is examined at three different points in time: the year before the offering, as well as the year of and the year immediately after it. The study finds mean statistically significant discretionary current accruals of 2.58% for private equity backed firms in the year of the offering, indicating positive earnings management in that year. However, taking also total discretionary accruals into account and combining the results with the ones obtained for venture capital backed firms, the provided evidence suggests that, contrary to initial beliefs, financial sponsor backed companies do report quite conservatively in the years around their initial public offering and do not aggressively inflate earnings. In addition, venture capital backed firms seem to report even more conservatively than their private equity backed counterparts. Investors are, however, advised to always subjectively assess earnings quality by looking at specific accounting based earnings management techniques before investing in such equity offerings.

Earnings Management in the UK

Author : Sebastian Bos
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Earnings Management in the UK by : Sebastian Bos

Download or read book Earnings Management in the UK written by Sebastian Bos and published by . This book was released on 2017 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the relationship between share ownership by boards of British stock exchange listed companies and accrual based earnings management. It provides the first empirical evidence that the relationship is impacted by UK Company Law and the institutional governance framework.We specifically model nonlinear relationships between the equity stakes owned by executive directors and discretionary accruals to account for managerial alignment-incentive and entrenchment at different levels of share ownership. To explain the nonlinear relationship, we discuss the UK institutional governance framework and highlight key regulatory thresholds. Piecewise linear regressions test the impact of these key regulatory thresholds on the earnings management-ownership relationship. We find that share ownership by executive directors has a significant impact on the level of discretionary accruals. The relationship is negative when the equity stakes of executive directors are below the 5% threshold of the ABI dilution limit and sections 376-378 of Companies Act 1985. Earnings management increases above 5% and below 10% of share ownership by executives. Once the 10% equity threshold of section 209 of Companies Act 1948 is reached, executive share ownership effectively mitigates accrual based earnings management. We find no evidence that equity ownership by non-executive directors mitigates earnings management practice of British companies.

Earnings Management and the Performance of UK Seasoned Equity Offerings

Author : Abdullah Muhammad Iqbal
Publisher :
ISBN 13 :
Total Pages : 361 pages
Book Rating : 4.:/5 (642 download)

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Book Synopsis Earnings Management and the Performance of UK Seasoned Equity Offerings by : Abdullah Muhammad Iqbal

Download or read book Earnings Management and the Performance of UK Seasoned Equity Offerings written by Abdullah Muhammad Iqbal and published by . This book was released on 2002 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Timing, Earnings Management and Overreaction Around Pure Placings

Author : Dionysia Dionysiou
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Timing, Earnings Management and Overreaction Around Pure Placings by : Dionysia Dionysiou

Download or read book Timing, Earnings Management and Overreaction Around Pure Placings written by Dionysia Dionysiou and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new evidence about firms conducting pure placings in the UK. It examines their abnormal performance (stock and operating), earnings management (accrual and real activities) and abnormal growth prospects for up to three years surrounding the event. It questions whether i) timing, ii) earnings management and/or iii) overreaction hypotheses can explain these performance, earnings quality and growth paths. The results document that pure placing firms have high earnings quality and abnormally high growth opportunities at the announcement. For this reason, the market is overenthusiastic. It expects more than what is eventually fulfilled, in line with the overreaction hypothesis. Weak evidence that placing firms may exploit market timing is noted, while there is no supportive evidence of earnings management. These findings distinguish the earnings quality and growth opportunities of pure placing firms from that of firms conducting open offers, firm commitment offers and other SEOs that are not private placements, for which prior evidence reports mainly timing and/or earnings management prior to the event. This paper facilitates a better understanding of UK SEOs.

Earnings Management

Author : Joshua Ronen
Publisher : Springer Science & Business Media
ISBN 13 : 0387257713
Total Pages : 587 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis Earnings Management by : Joshua Ronen

Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?

A Comparative Analysis of Real and Accrual Earnings Management Around Initial Public Offerings Under Different Regulatory Environments

Download A Comparative Analysis of Real and Accrual Earnings Management Around Initial Public Offerings Under Different Regulatory Environments PDF Online Free

Author : Mohammad Alhadab
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis A Comparative Analysis of Real and Accrual Earnings Management Around Initial Public Offerings Under Different Regulatory Environments by : Mohammad Alhadab

Download or read book A Comparative Analysis of Real and Accrual Earnings Management Around Initial Public Offerings Under Different Regulatory Environments written by Mohammad Alhadab and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: While earnings management around IPOs has been researched in a number of settings, there has been a relative absence of work that analyses the impact of the regulatory environment on such activities. We find that the regulatory environment does impact the real and accrual earnings management activities of IPO firms. Our results show that IPO firms listing on the lightly regulated UK Alternative Investment Market (AIM) have higher (lower) levels of accrual based and sales based (discretionary expenses based) earnings management around the IPO than firms listing on the more heavily regulated Main market in the UK.

Earnings Management

Author : Kathleen Yates
Publisher : Nova Science Publishers
ISBN 13 : 9781634855112
Total Pages : 0 pages
Book Rating : 4.8/5 (551 download)

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Book Synopsis Earnings Management by : Kathleen Yates

Download or read book Earnings Management written by Kathleen Yates and published by Nova Science Publishers. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earnings management is an issue that directly affects the overall integrity and quality of financial reporting and to date, many studies have been conducted in an attempt to gain an understanding of whether firms are engaging in earnings management, why they do so, what are the motives that drive managers' discretionary behaviour, what are the economic consequences and whether investors can see through this behaviour? In this book, Chapter One reviews the developments and the trends in the contemporary earnings management research and discuss several possible avenues for future research. Chapter Two provides an overview of the most recent studies on earnings management in relation to the financial crisis and the institutional environment and firm characteristics. Chapter Three provides a description of the nowadays most commonly used methods for measuring earnings management in accounting and finance literature. Chapter Four examines earnings management and corporate social responsibility as an entrenchment strategy.