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Boards, Takeover Protection, and Real Earnings Management

Ge, Wenxia - 2014

We investigate the effect of board governance and takeover protection on real earnings management. Four types of real … other discretionary expenses) increases with better board governance and decreases with higher takeover protection. These … earnings management is higher when a firm is faced with tough board monitoring, and that takeover protection may reduce …

Persistent link: https://www.econbiz.de/10013063714

Earnings Management in Firms Seeking to Be Acquired

Anagnostopoulou, Seraina C. - 2015

Empirical evidence regarding accrual-based earnings management around mergers and acquisitions has been setting-specific as far as target firms are concerned. This might be due to the fact that target firms cannot always anticipate an acquisition proposal, and thus lack the motive and the time...

Persistent link: https://www.econbiz.de/10013033154

Does High Leverage Impact Earnings Management? Evidence from Non-Cash Mergers and Acquisitions

Alsharairi, Malek - 2012

Using a sample of US noncash acquirers, we find significant evidence of upward earnings management prior to announcing merger and acquisition deals. In this event study, we adopt an industry adjusted leverage proxy. No evidence of premerger earnings management is found in highly leveraged firms....

Persistent link: https://www.econbiz.de/10013098296

Earnings Management of Target Firms and Deal Premiums : The Role of Industry Relatedness

Perafan-Peña, Hector Fabio - 2020

This paper contributes to the merger and acquisitions (M&A) literature by providing evidence on the role of industry relatedness in the association between the earnings management (EM) practices of the target firm before the deal and the premium offered by the acquirer. We argue that familiarity...

Persistent link: https://www.econbiz.de/10012851736

Takeover Threats, Job Security Concerns, and Earnings Management

Sul, Edward - 2020

Exploiting the staggered adoption of country-level takeover laws that increased takeover threats, this paper examines …-in-difference design, I find that the enactment of laws designed to promote takeover activity is associated with greater earnings …, and price impact of trades) following takeover regulation. Impact on earnings management is most pronounced for managers …

Persistent link: https://www.econbiz.de/10012853781

Stock Payment Acquirer's Pre-Acquisition Earnings Management and Its Post-Acquisition Performance

Alphonse, Pascal - 2017

For an M&A context, this paper investigates stock payment acquirers' trade-off strategy between accruals-based earnings management (AM) and real earnings management (REM) and it impacts on firm's post-acquisition performance during the period before and the period after the Sarbanes-Oxley Act...

Persistent link: https://www.econbiz.de/10012969020

The Governance Transfer of Blockholders : Evidence from Block Acquisitions and Earnings Management around the World

Dai, Lili - 2017

We examine the governance transfer effect of corporate blockholders in a sample of 892 block acquisitions across 42 countries from 1990 to 2008. Using earnings management as a proxy for corporate governance outcome, we find that target firms' earnings management is aligned with that of block...

Persistent link: https://www.econbiz.de/10012974044

Acquiring Firms’ Earnings Management Strategies Around Merger and Acquisitions

Zhang, Sipei - 2017

This study investigates acquiring firms' earnings management (EM) strategies around mergers and acquisition (M&A) in the US market and analyzes firm's post-acquisition performance. Acquirers are shown to use both accruals management (AM) and real earnings management (REM), both prior to and...

Persistent link: https://www.econbiz.de/10012961052

Acquirers’ Earnings Management Ahead of Stock-for-Stock Bids in 'Hot' and 'Cold' Markets

Botsari, Antonia - 2018

The accounting literature has found evidence that acquirers in stock-for-stock M&A have typically managed earnings upwards ahead of a bid. Other literatures have concluded that, when stock prices are high and rising, M&A is higher, more M&A is financed with stock, market sentiment and...

Persistent link: https://www.econbiz.de/10012911666

CEO Characteristics and Earnings Management : Evidence from Mergers and Acquisitions

Nguyen, Thai Quoc - 2018

Previous research suggests that share-financed acquirers inflate their earnings before merger and acquisition announcements. The existing literature also indicates that characteristics of chief executive officers (CEO) could affect earnings management. In this study, we extend prior studies by...

Persistent link: https://www.econbiz.de/10012930222

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