作者：Guttman, Ilan; Marinovic, Ivan
作者单位：New York University; Stanford University
摘要：Empirical evidence suggests that firms often manipulate reported numbers to avoid debt covenant violations. We study how a firm's ability to manipulate reports affects the terms of its debt contracts and the resulting investment and manipulation decisions that the firm implements. Our model generates novel empirical predictions regarding the use and the level of debt covenant, the interest rate, the efficiency of investment decisions, and the likelihood of covenant violations. For example, the...
作者：Sletten, Ewa; Ertimur, Yonca; Sunder, Jayanthi; Weber, Joseph
作者单位：Boston College; University of Colorado System; University of Colorado Boulder; University of Arizona; Massachusetts Institute of Technology (MIT)
摘要：There is significant disagreement about whether, when, and why IPO firms manage earnings. We precisely identify the timing and motives behind earnings management by IPO firms. The period around an IPO is characterized by two events: the IPO itself and the lockup expiration. Both the raising of capital at the IPO and the exit by pre-IPO shareholders at lockup expiration create incentives for firms to manage earnings. To disentangle the effect of these events, we examine quarterly, rather than a...
