This paper examines empirically whether sophisticated speculative short sellers can detect earnings management by targeting stocks with large income-increasing discretionary accruals and high total accruals. Prior research indicates that total accruals are overpriced and this overpricing is...

A Special Purpose Acquisition Company (SPAC) is a blank check company with no business operation but management quality. It raises money through unit IPO and put proceeds in a trust account for future business combination. In the post IPO market, the market price would reflect the value of trust...

This dissertation analyzes the effects on the stock markets when institutional investors hold their client firms stocks. The first essay examines the trading impact around earnings announcements and the second essay studies the effect on stock liquidity. In the first essay, we find that...

Purpose: The purpose of this study is to explain the poor informativeness of earnings in dual-class firms by examining the quality of earnings and the information environment. Design/methodology/approach: The earnings informativeness, earnings quality and information environment of dual-class...

Purpose: The purpose of this study is to examine the effect of consolidating off-balance sheet entities on firm-level investment efficiency. Financial Accounting Standards Board Interpretation No. 46, consolidation of variable interest entities – an Interpretation of ARB No. 51 (FIN 46) is...