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Long-run equity performance of firms that restate financial statements

机译：重述财务报表的公司的长期股权表现

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Purpose - The authors investigate how the stock market reacts to financial restatements using the restatements data from the United States Government Accountability Office (GAO-06-678). In particular, the purpose of this paper is to examine the long-run equity performance of the restating firms, for holding periods of one to five years after the announcements of restatements. Design/methodology/approach - This paper measures the long-run stock performance of restating firms with the buy-and-hold abnormal returns and time-series regression analyses based on Fama-French's (1993) three-factor model and Carhart's (1997) four-factor model. Findings - The authors find that restating firms significantly underperform in the long run compared with their peers matched by industry, size and book-to-market. Restating firms' underperformance is confirmed with time-series regression analyses based on Fama-French's (1993) three-factor model and Carhart's (1997) four-factor model. Further, the authors find the negative long-run abnormal performance of restating firms is primarily driven by large firms. The authors also report that self-prompted restatements and improper revenue accounting-triggered restatements result in worse long-run abnormal performance. Originality/value - This paper is the first paper that thoroughly investigates the long-run stock returns of the firms that restate financial statements by fully considering the size effect.
机译：目的-作者使用美国政府问责局（GAO-06-678）的重编数据调查股票市场对财务重编的反应。特别是，本文的目的是检查重述公司在宣布重述后的一到五年的持有期中的长期股权表现。设计/方法/方法-本文根据Fama-French（1993）的三因素模型和Carhart（1997）的购买和持有异常收益以及时间序列回归分析来评估重编公司的长期股票绩效四因素模型。调查结果-作者发现，与行业，规模和按市值计价的同行相比，重编公司的长期业绩明显逊色。根据基于Fama-French（1993）的三因素模型和Carhart（1997）的四因素模型的时间序列回归分析，可以确认重述企业的绩效不佳。此外，作者发现，重整公司的负面长期长期异常表现主要是由大公司造成的。作者还报告说，自我提示的重述和不正确的收入会计触发的重述会导致长期异常性能恶化。原创性/价值-本文是第一篇通过充分考虑规模效应来彻底研究重述财务报表的公司的长期股票收益的论文。

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