Electronic Resource
Oxford, UK and Boston, USA
:
Blackwell Publishing Ltd
Journal of business finance & accounting
31 (2004), S. 0
ISSN:
1468-5957
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
This study investigates whether opportunistic earnings management affects the value relevance of net income and book value in determining stock price. We document a decrease in the value relevance of earnings in the year of an equity offering for a group of firms with ex post evidence of earnings management. This decrease is greater for the discretionary component of earnings than for the non-discretionary component. These results are robust to model specification and the type of offering. However, the results are sensitive to firms’ disclosure activity prior to the offering.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/j.0306-686X.2004.00541.x
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