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Earnings management and post-split drift

机译：盈余管理和分拆后漂移

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This paper explores whether firms manage their earnings after stock splits to meet the raised expectations from the market due to the positive signal sent by the splits. We first document that post-split drift mainly exists in the first three months and is positively associated with post-split standardized unexpected earnings (SUE). However, the higher post-split SUE of split firms is associated with higher discretionary accruals and abnormally lower R&D expenses. This result is consistent with our hypothesis that split firms overstate their post-split earnings by manipulating accruals and reducing R&D spending. Moreover, post-split abnormal returns increase with discretionary accruals and R&D reduction for about six months and tend to reverse over longer horizons, especially for firms with negative pre-split SUE. Overall, our results indicate that the post-split drift is a short-term phenomenon and partly attributable to the earnings management after the splits. (C) 2019 Elsevier B.V. All rights reserved.
机译：本文探讨了由于分拆发出的积极信号，股票分拆后公司是否管理其收益以满足市场提出的更高期望。我们首先记录了拆分后的漂移主要存在于前三个月，并且与拆分后的标准意外收益（SUE）呈正相关。但是，拆分后公司的拆分后SUE较高与较高的可自由支配应计费用和异常较低的研发费用相关。这一结果与我们的假设一致，即分裂的公司通过操纵应计费用和减少R＆D支出来夸大其拆分后的收益。此外，拆分后的异常收益随着可自由支配应计费用的增加和研发减少约六个月而增加，并且在更长的时期内往往会逆转，特别是对于拆分前SUE为负的公司。总体而言，我们的结果表明，拆分后的漂移是一种短期现象，部分归因于拆分后的收益管理。 （C）2019 Elsevier B.V.保留所有权利。

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