...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of banking & finance >Earnings management and post-split drift
【24h】

Earnings management and post-split drift

机译：盈利管理和分裂后漂移

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

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：本文探讨了公司是否在股票拆分之后管理其收益，以满足市场上提出的预期，由于分裂发送的正信号。我们首先记录分裂后漂移主要存在于前三个月，并与分拆后标准化意外收益（SUE）正相关。然而，拆分公司的较高分裂苏与较高的自由裁量权衡相关，并异常降低研发费用。这一结果与我们的假设一致，即拆分公司通过操纵应计和降低研发支出来夸大其拆分盈利。此外，拆分后异常返回随着判断性应计和R＆D减少约六个月而增加，往往会在更长时间的地域逆转，特别是对于带负面分裂苏的公司。总体而言，我们的结果表明，分裂后漂移是短期现象，部分归因于分裂后的盈利管理。 （c）2019 Elsevier B.v.保留所有权利。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号