Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Insider Ownership Earnings Management And Earnings Thresholds full books in PDF, epub, and Kindle. Read online Insider Ownership Earnings Management And Earnings Thresholds ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : 楊美玲
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (712 download)
Download or read book Insider Ownership, Earnings Management and Earnings Thresholds written by 楊美玲 and published by . This book was released on 2009 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alex Leum Han
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (654 download)
Download or read book The Impact of Insider Ownership Stake Changes at the IPO and Earnings Management on Post-IPO Operating Performance written by Alex Leum Han and published by . This book was released on 2010 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Past academic research reports that post-IPO operating performance can be signaled through or explained by company characteristics in a period immediately preceding or following the IPO. This paper examines whether post-IPO operating performance is correlated with earnings management activities immediately preceding and following the IPO, insider ownership retention rates after the IPO, and percentage of insider ownership changes at the IPO. I also test whether aggressive earnings managers experience worse operating performance measured by operating income over total assets than conservative earnings managers. The results from various regression analyses and t-tests in this paper show that earnings management activities immediately preceding and following the IPO and insider ownership retention rates are not correlated with post-IPO operating performance. However, this paper reports a statistically negative relationship between percentage of insider ownership changes at the IPO and post-IPO operating performance in the issue year.
Author : Garen Markarian
Publisher : VDM Publishing
ISBN 13 : 9783836473958
Total Pages : 164 pages
Book Rating : 4.4/5 (739 download)
Download or read book Analyst Forecasts, Earnings Management, and Insider Trading Patterns written by Garen Markarian and published by VDM Publishing. This book was released on 2008 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: For at least two decades, it was believed that making managers into owners could ameliorate many agency conflicts existing in capital markets settings. In fact, it now appears that managerial ownership of stock itself may encourage earnings manipulations. In this study, we show that CEO insider trading, earnings manipulations, and the ability to meet and exceed market benchmarks are all interrelated. Managers manipulate earnings to exceed analyst earnings forecasts. Additionally, managerial insider selling increases with performance relative to analyst forecasts, and is magnified by stock option holdings. Insider selling is more intense among managers who have used earnings manipulations to exceed forecasts. Additionally, managers who sell following the announcement of an earnings surprise are able to earn abnormal profits. Firms having both positive earnings surprises and insider selling exhibit lower subsequent accounting performance. This study is of interest to academics, practitioners who are interested in the finer mechanisms of markets, and advanced finance students, alike.
Author : Aminuddin Sharifudin
Publisher :
ISBN 13 :
Total Pages : 136 pages
Book Rating : 4.:/5 (467 download)
Download or read book Insider Ownership and Earnings Management written by Aminuddin Sharifudin and published by . This book was released on 2009 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wen Yu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Earnings Valuation and Insider Trading written by Wen Yu and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores insider trading as a function of differences between managers' and the market's assessment of company earning components - specifically operating cash flows and accruals. It extends prior research by more comprehensively studying earnings components. It also builds a perspective of managers as sophisticated investors who, while engaging in earnings management, ultimately make insider trading decisions based on the divergence between their private valuation of earnings components and the market's. Thus managers may, seemingly counter-intuitively, engage in income-increasing earnings management and insider buying in the same period. Using 4,357 recent firm - years of observations, we find strong evidence that insider buying, but not selling, behavior is consistent with managerial insider trading based on a market valuation divergence of both operating cash flows and accruals, rather than on either element individually, or on managers' use of accounting discretion. We apply the methodological framework of the Mishkin (1983) test to address the hypothesis above. In particular, we assess the relations involving market pricing and characteristics of company earnings and insider trading as these relate to the fundamental idea of market valuation divergence.
Author : Messod D. Beneish
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (129 download)
Download or read book Insider Trading and Incentives to Manage Earnings written by Messod D. Beneish and published by . This book was released on 2014 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates two hypotheses about the relation between insider selling and earnings management in periods preceding poor corporate performance. Consistent with our litigation avoidance hypothesis, we provide evidence that managers manage earnings upwards after they have engaged in abnormally high levels of insider selling. In contrast, we find no support for the pump and dump hypothesis of earnings being managed before managers sell their equity. Our findings indicate insider trading provides managers with incentives to subsequently manage earnings upward, to distance their selling from the revelation of bad news and reduce the likelihood of reputation, employment, and litigation losses. We show these incentives co-exist and complement incentives to avoid default in a sample of 462 firms that experience technical default in 1983-1997. Our findings suggest that investors and those with oversight authority (e.g., boards of directors, auditors, and regulators) consider monitoring prior rather than contemporaneous insider-trading activity as a part of their corporate governance practices.
Author : Thomas Alan Issaevitch
Publisher :
ISBN 13 :
Total Pages : 230 pages
Book Rating : 4.:/5 (225 download)
Download or read book Insider Trading and Earnings Management written by Thomas Alan Issaevitch and published by . This book was released on 2008 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Joseph Wong
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (896 download)
Download or read book Relationship Between Earnings Management and Insider Trading written by Joseph Wong and published by . This book was released on 1998 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Youngsoon Susan Cheon
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Effects of Legal Environment and Managerial Ownership on Insider Trading Around Management Earnings Forecast Disclosures written by Youngsoon Susan Cheon and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates whether insiders who possess superior information to outsiders behave as if they time their trading around management forecast disclosures in order to earn extra profits. In the 1980s, Congress passed the Insider Trading Sanctions Act (ITSA) of 1984 and the Insider Trading and Securities Fraud Enforcement Act (ITSFA) of 1988 to prohibit illegal insider trading. Hence, this study further examines whether passage of the 1984 and 1988 Acts affect timing and pattern of insider trading around management forecast disclosures. Finally, the study investigates whether managerial ownership affects insider trading behavior around management forecast disclosures. This study finds evidence consistent with opportunistic i nsider trading. The 1984 ITSA appears to affect sell-side insider trading by reducing pre-disclosure purchase/sale transactions and self-serving sale trading volume. In contrast, pre-disclosure purchase trading increased after the 1988 Act. There is evidence that insider ownership affects the timing of insider trading. Insiders with low ownership are likely to buy after management forecast disclosures, while insiders with high ownership tend to buy before the forecast disclosures. Results, however, suggest that insiders with higher stakes do not necessarily trade more opportunistically than those with low ownership.
Author : Ping-Sheng Koh
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book On the Association between Institutional Ownership and Aggressive Corporate Earnings Management in Australia written by Ping-Sheng Koh and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the association between institutional ownership and Australian firms' aggressive earnings management strategies. In contrast to similar studies, this study does not assume that the two views on how institutional ownership associates with firms' earnings management behaviour are mutually exclusive. The association between institutional ownership and firms' income increasing discretionary accruals is expected to vary as the level of institutional ownership increases. The results support the predicted non-linear association between institutional ownership and income increasing discretionary accruals. In particular, a positive association is found at the lower institutional ownership levels, consistent with the view that transient (short-term oriented) institutional investors create incentives for managers to manage earnings upwards. On the other hand, a negative association is found at the higher institutional ownership levels, consistent with the view that long-term oriented institutional investors' monitoring limits managerial accruals discretion. These findings suggest that institutional investors can act as a complementary corporate governance mechanism in mitigating myopic aggressive earnings management by corporations when they have a sufficiently high ownership level.
Author : Loretta Nartekie Baryeh
Publisher : ProQuest
ISBN 13 : 9780549631897
Total Pages : 88 pages
Book Rating : 4.6/5 (318 download)
Download or read book Earnings Management and Insider Trading Around Seasoned Equity Offerings written by Loretta Nartekie Baryeh and published by ProQuest. This book was released on 2000 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Julia Sawicki
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Insider Trading and Earnings Management written by Julia Sawicki and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the relationship between earnings management and insider trading, specifically investigating whether discretionary accruals are related to insider trading and valuation. We find strong evidence of insiders managing earnings downward when buying and managing earnings upward when selling. On the marginal basis, value (high book-to-market value) firms manage their earnings upward compared to growth (low book-to-market value) firms, consistent with a signaling hypothesis. However the opposite is true on the average basis, consistent with an opportunistic hypothesis.
Author : Stanley Veliotis
Publisher :
ISBN 13 :
Total Pages : 136 pages
Book Rating : 4.:/5 (173 download)
Download or read book Insiders' Rule 10b5-1 Plan Sales and Earnings Management written by Stanley Veliotis and published by . This book was released on 2007 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sebastian Bos
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (13 download)
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.
Author : Abu Zakir Md Rasel Chowdhury
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Insider Trading, Earnings Management and Information Asymmetry written by Abu Zakir Md Rasel Chowdhury and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Insider trading is highly tied to earnings management in an asymmetric information environment. Using US data during 2004-2012 and different discretionary accrual measures, we reveal that insiders net purchase ratio dominated by sales, insider purchase ratio and cumulative abnormal return are positively associated with absolute value of earnings management (earnings quality). We also document high earnings management practice in growth firms (low book-to market) than value firms (high book-to market) as well as active involvement of major insiders (e.g. CEO) in such practice for personal benefits. A leading role of information asymmetry and its moderation effect is prevalent. Further evidence also suggests manipulation of earnings for insiders' opportunistic trading over routine trading. Overseeing the earnings management and insider trading behavior simultaneously by the regulators is identified as an important policy issue in this research.
Author : Juan Manuel San Martín-Reyna
Publisher :
ISBN 13 :
Total Pages : 17 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Effect of Ownership Composition on Earnings Management written by Juan Manuel San Martín-Reyna and published by . This book was released on 2018 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose - This paper aims to examine the relationship between different types of shareholders that command share ownership, family, institutions or external blockholders and earnings management. In addition, it examines the effect of company size on earnings management.Design/methodology/approach - The sample includes 67 companies listed in the Mexican Stock Exchange for the period 2005-2015. The sample composition is quite industry-balanced. A cross-sectional version of the Jones model (1991) is to measure the earnings management. The GMM (generalized method of moments) model is also estimated.Findings - The results show that family and institutional ownership reduce the earnings management, but the impact is different depending on the company size.Research limitations/implications - The results show that there is a clear relationship between increasing participation of family and institutional investors and a reduction in earnings management. This is consistent with the literature that establishes that ownership is an effective regulatory mechanism that limits earnings management through closer supervision and involvement in management.Practical/implications - For companies' corporate governance and regulatory authorities, the results of this study may serve to improve the decision-making.Originality/value - This study shows that ownership structure can provide corporate governance in Mexican listed companies with different monitoring and control capacities to influence companies' strategies, particularly in relation to the discretion of earnings management.
Author : Joshua Ronen
Publisher : Springer Science & Business Media
ISBN 13 : 0387257713
Total Pages : 587 pages
Book Rating : 4.3/5 (872 download)
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?
