This paper examines the economic consequences of changes in the financial reporting requirements for contingent convertible securities (COCOs). Using a sample of 199 COCO issuers from 2000-2004, we find that issuers are more likely to restructure or redeem existing COCOs to obtain more favorable...

This paper examines whether firms structure their convertible bond transactions to manage diluted EPS. We find that the likelihood of firms issuing contingent convertible bonds (COCOs), which are often excluded from diluted EPS calculations under SFAS 128, is significantly associated with the...

This paper examines the economic consequences of changes in the financial reporting requirements for contingent convertible securities (COCOs). Using a sample of 199 COCOs from 2000-2004, we find that issuers are more likely to restructure or redeem existing COCOs to obtain more favorable...

This paper examines whether firms structure their convertible bond transactions to manage diluted EPS. We find that the likelihood of firms issuing contingent convertible bonds (COCOs), which are often excluded from diluted EPS calculations under SFAS 128, is significantly associated with the...

This paper examines the relation of voluntary disclosure of management earnings forecasts and information asymmetry to insider selling through secondary equity offerings. We hypothesize that the pattern of voluntary disclosure and level of information asymmetry prior to secondary equity...

We evaluate the net costs and benefits of the whistleblower (WB) provisions adopted under the Dodd-Frank Reform Act of 2010 by examining investor responses to events related to the proposed regulations. We focus our main analysis on a sample of firms that lobbied against implementation of the WB...

This paper explores the use of specific accruals in managing earnings. We argue that the costs of managing earnings through different income statement items vary and that the benefits of earnings management through each of these items are context-dependent. We thus make differential predictions...

There is relatively little evidence on the specific accruals used to manage earnings. This paper examines this issue by considering the use of specific accruals in three earnings management contexts: equity offerings, management buyouts, and firms avoiding earnings decreases. We argue that the...

This study investigates whether opportunistic earnings management affects the value relevance of net income and book value in determining stock price. We document a decrease in the value relevance of earnings in the year of an equity offering for a group of firms that exhibit ex post evidence of...