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The interactions between real earnin...
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Zhang, Yu.
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The interactions between real earnings management and short selling activity.
紀錄類型:
書目-電子資源 : Monograph/item
正題名/作者:
The interactions between real earnings management and short selling activity./
作者:
Zhang, Yu.
面頁冊數:
122 p.
附註:
Source: Dissertation Abstracts International, Volume: 75-10(E), Section: A.
Contained By:
Dissertation Abstracts International75-10A(E).
標題:
Business Administration, Accounting. -
電子資源:
http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3625816
ISBN:
9781321001730
The interactions between real earnings management and short selling activity.
Zhang, Yu.
The interactions between real earnings management and short selling activity.
- 122 p.
Source: Dissertation Abstracts International, Volume: 75-10(E), Section: A.
Thesis (Ph.D.)--The University of Texas at Arlington, 2014.
This item must not be sold to any third party vendors.
This study builds on two streams of literature that recently draw the attention of researchers: real earnings management (REM) and short selling. Graham et al. (2005) reports that managers choose REM over accounting methods to manage earnings. The survey results suggest that REM is likely to be more prevalent than accrual-based earnings management, and should deserve more attention from academic research. Short selling has become a big concern to researchers due to the recent financial crisis and the combat against naked short sales. I empirically test how short sellers trade on firms' REM information, and whether short selling activity can serve as an external monitoring mechanism on REM. Since short selling activity and REM are jointly determined, I explore the research question on the interactions between REM and short selling activity via a simultaneous equation system. I further test whether the interactions between REM and short selling activity are affected by the recent short selling regulation change. The results show strong interactions between REM and short selling activity both before and after the recent SEC short selling regulation change. Short sellers use accounting information to trade. Particularly, they avoid shorting stocks with high levels of REM, which suggests that firms use costly REM to signal their good future performance. On the other hand, heavily shorted firms cannot afford to do REM, which supports the argument that short selling has an external disciplinary role over firms' REM behavior.
ISBN: 9781321001730Subjects--Topical Terms:
1020666
Business Administration, Accounting.
The interactions between real earnings management and short selling activity.
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Source: Dissertation Abstracts International, Volume: 75-10(E), Section: A.
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Adviser: Li-Chin Jennifer Ho.
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Thesis (Ph.D.)--The University of Texas at Arlington, 2014.
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This study builds on two streams of literature that recently draw the attention of researchers: real earnings management (REM) and short selling. Graham et al. (2005) reports that managers choose REM over accounting methods to manage earnings. The survey results suggest that REM is likely to be more prevalent than accrual-based earnings management, and should deserve more attention from academic research. Short selling has become a big concern to researchers due to the recent financial crisis and the combat against naked short sales. I empirically test how short sellers trade on firms' REM information, and whether short selling activity can serve as an external monitoring mechanism on REM. Since short selling activity and REM are jointly determined, I explore the research question on the interactions between REM and short selling activity via a simultaneous equation system. I further test whether the interactions between REM and short selling activity are affected by the recent short selling regulation change. The results show strong interactions between REM and short selling activity both before and after the recent SEC short selling regulation change. Short sellers use accounting information to trade. Particularly, they avoid shorting stocks with high levels of REM, which suggests that firms use costly REM to signal their good future performance. On the other hand, heavily shorted firms cannot afford to do REM, which supports the argument that short selling has an external disciplinary role over firms' REM behavior.
520
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The results hold if I use OLS or simultaneous equations. This study enriches the literature about how short sellers trade on firms' earnings management information and extends the disciplinary role of short selling over firms' REM behavior.
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http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3625816
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