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Valuation effects of earnings restat...

Xu, Tan.

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Valuation effects of earnings restatements due to accounting irregularities.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Valuation effects of earnings restatements due to accounting irregularities./
Author:	Xu, Tan.
Description:	90 p.
Notes:	Source: Dissertation Abstracts International, Volume: 66-10, Section: A, page: 3753.
Contained By:	Dissertation Abstracts International66-10A.
Subject:	Economics, Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3191392
ISBN:	9780542360985

Valuation effects of earnings restatements due to accounting irregularities.
Xu, Tan.

Valuation effects of earnings restatements due to accounting irregularities. - 90 p.

Source: Dissertation Abstracts International, Volume: 66-10, Section: A, page: 3753.

Thesis (Ph.D.)--Old Dominion University, 2005.

This dissertation studies three financial topics using earnings restatement data. In the first topic, we discriminate between the market efficiency hypothesis and the underreaction hypothesis by examining their predictions on the stock performance of restating firms in the post-announcement period. Three approaches are used, namely, the cumulative abnormal return (CAR), buy-and-hold abnormal return (BHAR), and calendar time portfolio approaches. Consistent with the market efficiency hypothesis, we do not find significant abnormal performance in the post-restatement period. In the second topic, we test the extrapolation model (LSV, 1994) by examining the relationship between stock price reaction to earnings restatement and the glamour/value stock characteristics. We illustrate that depending on whether investors change their naive expectation strategy, there are two possible stock price reaction patterns. Our results do not support the naive extrapolation model. In the third topic, we test whether earnings restatement has contagion effect and competitive effect. The results are mixed: we find intra-industry effect and the effect varies by industry characteristics using the regression method while we find no such effect using the stratification method. Besides the three topics, this dissertation documents some characteristics of restating firms in the sample period, including the book-to-market (BM) ratio, market capitalization, and leverage.

ISBN: 9780542360985Subjects--Topical Terms:

626650
Economics, Finance.

Valuation effects of earnings restatements due to accounting irregularities.
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035 $a (UnM)AAI3191392
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100 1 $a Xu, Tan. $3 1914881
245 1 0 $a Valuation effects of earnings restatements due to accounting irregularities.
300 $a 90 p.
500 $a Source: Dissertation Abstracts International, Volume: 66-10, Section: A, page: 3753.
500 $a Director: Mohammed Najand.
502 $a Thesis (Ph.D.)--Old Dominion University, 2005.
520 $a This dissertation studies three financial topics using earnings restatement data. In the first topic, we discriminate between the market efficiency hypothesis and the underreaction hypothesis by examining their predictions on the stock performance of restating firms in the post-announcement period. Three approaches are used, namely, the cumulative abnormal return (CAR), buy-and-hold abnormal return (BHAR), and calendar time portfolio approaches. Consistent with the market efficiency hypothesis, we do not find significant abnormal performance in the post-restatement period. In the second topic, we test the extrapolation model (LSV, 1994) by examining the relationship between stock price reaction to earnings restatement and the glamour/value stock characteristics. We illustrate that depending on whether investors change their naive expectation strategy, there are two possible stock price reaction patterns. Our results do not support the naive extrapolation model. In the third topic, we test whether earnings restatement has contagion effect and competitive effect. The results are mixed: we find intra-industry effect and the effect varies by industry characteristics using the regression method while we find no such effect using the stratification method. Besides the three topics, this dissertation documents some characteristics of restating firms in the sample period, including the book-to-market (BM) ratio, market capitalization, and leverage.
590 $a School code: 0418.
650 4 $a Economics, Finance. $3 626650
650 4 $a Business Administration, Accounting. $3 1020666
650 4 $a Business Administration, Banking. $3 1018458
690 $a 0508
690 $a 0272
690 $a 0770
710 2 0 $a Old Dominion University. $3 1020684
773 0 $t Dissertation Abstracts International $g 66-10A.
790 1 0 $a Najand, Mohammed, $e advisor
790 $a 0418
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3191392