PDF - Durham e-Theses - Durham University
Leverage and Non-cash Acquisition Premia, Durham theses, Durham University. Available ... More importantly, pre-merger earnings management does not seem to be significantly ... acquirers' pre-merger earnings management and the non- cash acquisition premia. ..... Event-Specific Earnings Management: Evidence from.
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The Impact of Leverage on Real Earnings Management
Jan 6, 2014 ... It analyses how leverage is able to reduce earnings management (EM). This study uses Abnormal Cash Flow from Operation, Abnormal ... The issue of EM does not only exist in particular countries but also in Malaysia. ... However, companies with high debt are at risk of bankruptcy due to failure in settling ...
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The impact of performance-based compensation on misreporting
incentive payouts and salary and bonus have any significant impact on the propensity .... years are associated with higher leverage in comparison to non- restating firms years. .... nonlinearity in the option compensation payoff, they do not test for this ... reduces desire to cash out while market valuations are high ( Shliefer and ...
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Acquisition, Earnings Management and Firm's - CiteSeerX
acquirer firms unlike cash acquirers manipulated their earnings preceding .... They found that if acquiring firms have a high performance prior to mergers and acquisitions announcement, it does not mean that they actually use earnings .... hypothesis will test the effect of discretionary accruals on firm's performance.
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CEO incentives and earnings management - NYU Stern School of
Dec 4, 2004 ... characteristics, and does not imply that firms, in equilibrium, could .... with high levels of CEO option exercise and higher levels of CEO and insider ... total accruals as the difference between earnings and cash flows from operations: ..... effects, exchange effects, firm size, firm age, governance, leverage, and ...
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The Causal Effects of Margin Trading and Short Selling on Earnings
Aug 29, 2015 ... Keywords: margin trading, short selling, earnings management, quasi- experiment .... requirement in Japan deters speculators and does not incur market instability. ... high in China, compared to U.S. Other Chinese features include the shortage ... the pilot list can be margin buy leverage long and sold short.
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The determinants of earnings management by the acquirer:
price effects of the pre-merger earnings management. ..... DeFond and Jiambalvo (1994), firms with high leverage are inclined to increase their accruals ... evidence that acquiring firms do not manipulate earnings in cash-financing acquisitions. ..... management: evidence from Greece”, Managerial Auditing Journal. vol.
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Acquisitions to Mask Earnings Management - Georgetown University
Apr 17, 2008 ... use excess cash to make acquisitions that may not enhance ... There are many reasons why firms engage in merger and acquisition, such as ... expect that earnings quality will have an impact on a firm's ... concentrated in firms with high discretionary accruals. ..... The result for leverage is not statistically.
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Unrealized Earnings, Dividends and Reporting Aggressiveness: An
distribute dividends from its retained accounting earnings does not ... explore the effect of revaluation earnings arising from different types of assets ... financial leverage than non-DFU firms. ..... High-tech firms tend to retain a large share of their operating cash flows in the .... Merging psychological and accounting theories,.
[ AF-IASB Research Forum Paper 5 (Chen Gavious).pdf - Read/Download File
the influence of ultimate ownership on earnings management
EARNINGS MANAGEMENT: EVIDENCE FROM. INDONESIA ... Leverage entrenches controlling shareholder to expropriate non controlling shareholders. A case in point .... The value of cash flow right leverage can be positive or zero because control rights are ... Higher private benefits effects higher earnings management.
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The impact of family ownership on firm value and earnings - EFMA
ownership and firm value measured by Tobin's Q. We do not find that high .... ( 2007) suggest that the extent to which family ownership may affect earnings ... ( 2002) define the difference between control rights and cash flow rights ..... Firms with high leverage or negative net income .... Evidence from mergers by Korean.
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Ownership Structure and Earnings Management: Evidence from
ownership structure have a significant impact on the magnitude of earnings ... maximisation by consuming perquisites when they do not have an ..... Cash flowsit = ratio between the operating cash flows and the total assets of firm i for period t- .... and Board indicates that firms with high leverage tend to have smaller boards.
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Competition, Capital Market Feedback, and Earnings - APJFS
Aug 30, 2013 ... effect of product market competition on earnings manipulation. ... for firms in high market‐to‐book industries, whose valuations rely .... Managing earnings does not constitute accounting fraud per se, but aggressive ... who view persistent deviations between earnings and cash flows, and deviations from.
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Refinancing Pressure and Earnings Management: Evidence from
Refinancing Pressure and Earnings Management: Evidence from Changes in Short- ... positive effects of increased lender diligence may not be fully realized if ... discretionary accruals does not depend upon new debt issues ultimately occurring. ..... characteristics, we include measures of profitability, leverage, merger and ...
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Institutional Ownership and Earnings Management: A Meta-Analysis
tion in effect sizes can be explained by the operationalization of earnings management; the inclusion of firm specific control variables, such as size, leverage and .... cash salaries as well as higher job uncertainty for C-level executives (Fama, ... expensive to view ownership as a mere transaction and not as a relationship ...
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Three essays on earnings management, financial irregularities, and
discretionary accruals in a sample of 1,719 cash acquirers and 895 stock acquirers during ... misspecified for both high-growth and low-growth firms. This is ... earnings announcement and merger announcement strengthen the evidence against .... Does target leverage have an economically significant effect on bond.
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Bank Monitoring Incentives and Borrower Earnings Management
In contrast, we do not find such results during the boom period of 1983-1992. Our ... and Wang (1999) and Louis (2004) also report evidence consistent with pre- merger earnings management by ... affect banks' incentives to monitor corporate managers. ..... and Yafeh (2007) document that high leverage, low tech, and low ...
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The Effect of Real Activities Manipulation on Accrual Earnings
Earnings management does not violate the existing regulations and the ... discretionary accrual component to determine high or low earnings. .... Real activities manipulation is indicated by discretional cash flow operating activities. ... (leverage), political cost hypothesis (size), and bonus plan hypothesis (firm's growth).
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Download (2MB) - Sussex Research Online - University of Sussex
Low and high values of the cash flow and earnings variables. 180 ... Cash Flow ( ABN_OCF) after allowing for the effects of mergers ... management does not always have the same impact on earnings as it does on operating cash flow. ..... analysis in this case reveals that higher financial leverage and lower credit ratings are.
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The Value of Enterprise Risk Management: Evidence from the U.S.
of the Society does not extend to making copies for general distribution, for advertising or ... ownership, and negatively related to reinsurance use and leverage. ... evidence regarding the impact of such programs on firm value. 3 .... While individual risk management activities may reduce earnings volatility by reducing.
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