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Cash Flow Restatements: Stock Market Reaction to Overstated versus Understated Restatements

机译：现金流量重述：股票市场对高估或低估重述的反应

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摘要

The Securities and Exchange Commission has become increasingly concerned with the rising number of restatements to statements of cash flows (SCFs). Regulators and practitioners are generally more focused on the overstatement of operating cash flows, while the understatement of operating cash flows is often overlooked but may have the same (or more) negative economic consequences. We examine market reactions to cash flow restatements (CFRs) where firms overstate or understate cash flows from 2000 to 2013. This study finds that 41% of firms overstated operating cash flows, while a surprising 48% understated operating cash flows. While we find that the market does not react to overstated operating cash flows or overstated total cash flows (TCFs), we find a negative response to understated operating cash flows and understated TCFs. Interestingly, the market penalizes these firms more for understating rather than overstating cash flows. There is a CFR disclosure post-announcement drift in abnormal returns that occurs for both understated operating and understated TCFs. We provide evidence that the often-overlooked understated CFRs may have “real” economic consequences and that they should be evaluated further and given the same consideration as overstatements by auditors, regulators, and investors.
机译：证券交易委员会越来越关注重报现金流量表（SCF）的情况。监管者和从业者通常更侧重于对经营现金流量的高估，而对经营现金流量的低估常常被忽视，但可能产生相同（或更多）的负面经济后果。我们研究了市场对现金流量重报（CFR）的反应，在2000年至2013年期间，公司高估或低估了现金流量。这项研究发现，有41％的公司高估了运营现金流，而令人惊讶的是48％的低估了运营现金流。尽管我们发现市场对高估的经营现金流量或高估的总现金流量（TCF）没有反应，但我们发现对低估的经营现金流量和低估的TCF的负面反应。有趣的是，市场对这些公司的惩罚更多是因为低估而不是高估了现金流量。对于低估的运行和低估的TCF，在异常收益中都有CFR公告的公告后漂移。我们提供的证据表明，经常被低估的CFR可能会产生“实际的”经济后果，因此应对其进行进一步评估，并与审计师，监管机构和投资者的高估相同。

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