Effect of investor speculation on earnings management

• 成果类型: Article
• 署名作者: Fischer, PE; Stocken, PC
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Dartmouth College
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/j.1475-679X.2004.00158.x
• 发表日期: 2004
• 页码: 843-870
• 关键词: value-relevance literature; capital-markets; INFORMATION; incentives; disclosure

摘要

This paper considers how the presence of a speculative investor, who bets on a firm's future earnings report, affects how the firm's management manipulates that report. We examine the influence of the speculator's information on earnings management behavior, quality of reported earnings, and stock price efficiency. We also provide predictions for, and interpretations of, short-window event studies and long-window association studies.