Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/43049
Title: Earnings management, corporate governance and the market performance of seasoned equity offerings in Hong Kong
Authors: Ching, K
Firth, M
Rui, O
Issue Date: 2006
Source: Journal of contemporary accounting and economics, 2006, v. 2, no. 1, p. 73-98
Abstract: This paper examines the use of discretionary current accruals by firms that make seasoned equity offers (SEOs). We find evidence suggesting that firms borrow future income to manage earnings in pre-issue years and consequently earnings decrease in post-issue year 2. However, we find no evidence that pre-issue discretionary accruals affect future stock returns. We find evidence that family-owned firms are more likely to use positive discretionary accruals prior to making an SEO, independent directors and outside blockholders constrain earnings management in family-controlled firms and SEO firms that have a larger board size have a higher degree of earnings management around SEOs.
Publisher: Elsevier
Journal: Journal of contemporary accounting and economics 
ISSN: 1815-5669
DOI: 10.1016/S1815-5669(10)70017-5
Appears in Collections:Journal/Magazine Article

Access
View full-text via PolyU eLinks SFX Query
Show full item record

Page view(s)

135
Last Week
6
Last month
Citations as of Jul 13, 2020

Google ScholarTM

Check

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.