Industry Conditions and Earnings Management around SEOs Performance
| Autor: | Yi-Shan Chen, 陳怡珊 |
|---|---|
| Rok vydání: | 2015 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 103 This study investigates whether industry characteristic are associated with firms’ earnings management around equity financing and their long-run performance. This topic can help explain why investors tend to be influence about firms’ exaggerated earnings before new issues and long-run post-issue underperformance. This study consider four industry factors to examine the issue: (1) profitability, (2) degree of competition, (3) capital intensity, and (4) hotness. Empirical results show low profit industry, highly competitive industry, low popular industries have higher earnings management motive, and these firms’ exaggerated earnings before new issues and long-run post–issue underperformance. Although highly capital intensity industry no significant earnings management, it exaggerated earnings before new issues and long-run post–issue underperformance. However, investors are generally favorable to issuers in high-profit, hot, low-competitive, and low capital-intensive industries but these industry exaggerated earnings that profit performance is expected to differ from the investors, which led to these industries perform poorly in the long run after equity financing. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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